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New Binance CEO Richard Teng Addresses $4.3 Billion Fine: Statement

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Wed, 22/11/2023 - 13:15
New Binance CEO Richard Teng Addresses $4.3 Billion Fine: Statement
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As community discusses whether the latest proof of reserves (PoR) is valid and complete, new CEO Richard Teng reassures everyone that Binance (BNB) remains a strong business with robust revenues and profits.

"Fundamentals of our business are VERY strong," CEO Richard Teng says

Binance (BNB) continues to run the world's largest crypto exchange by volume, with a debt-free capital structure and modest expenses. All of its fundamentals are "very strong," while revenue streams and profits remain robust.

This statement was shared by the new Binance (BNB) CEO Richard Teng as a response to Coinbase director Conor Grogan. Grogan opined that if the most recent proof-of-reserves (PoR) report is valid, Binance (BNB) would not need to sell its crypto resources to pay a $4.3 billion fine.

Even without "off-chain cash balances or funds held in wallets not in PoR," Binance (BNB) publicly disclosed reserves would be enough for the repayment program.

As covered by U.Today previously, Binance (BNB) customers reacted to CZ pleading guilty and stepping down by only a moderate outflow of funds.

Related
Binance Records $1 Billion in Outflows, Is Binance Too Big to Fail?

Binance (BNB) users only withdrew $1 billion of assets, per Nansen data.

Binance (BNB) to pay largest fine ever imposed in U.S.

Besides a personal $50 million fine, CZ pled guilty to charges related to operating an unlicensed money transfer business, conspiracy and violating sanctions restrictions.

In total, Binance (BNB) has to pay a substantial fine of $4.3 billion. Out of this sum, Binance (BNB) must pay $1.35 billion to the U.S. CFTC, which is the largest fine ever imposed by the law enforcement body.

Binance (BNB) cofounder Changpeng Zhao stepped down as CEO. Per his statement, he will no longer be involved in the exchange's management or operations.

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