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Richard Teng is taking over as crypto exchange Binance’s new CEO, replacing Changpeng Zhao (CZ) after he pled guilty to financial crimes and resigned. Binance has also admitted it violated sanctions, aided money laundering, and engaged in unlicensed money transmission. In the wake of the company’s multiple guilty pleas to US federal crimes, its new chief Richard Teng was quick to say Binance will work to “uphold high standards globally that foster innovation while providing important consumer protections.”  Of course, Binance has long promised pretty much the same thing while doing the exact opposite. Teng says he will work to reassure customers that the company is still financially stable despite its record-shattering $4.3 billion penalty amid $800 million and counting of customer outflows. It is an honour and with the deepest humility that I step into the role of Binance’s new CEO. We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold… — Richard Teng (@_RichardTeng) November 21, 2023 Richard Teng is humbled by one of the largest fines in corporate history. Read more: Binance forgot to stick to CZ’s principles — now it owes billions CZ has settled investigations by the US Department of Justice (DoJ), Treasury bureaus, and the Commodity Futures Trading Commission (CFTC). The Securities and Exchange Commission’s (SEC) lawsuit, however, is unresolved and will continue. Richard Teng walks into a financial crime scene Experts agree that Teng has his work cut out for him. Since the DoJ began its investigation, several key figures at Binance — counter-terrorism executive Jennifer Hicks, head of product Mayur Kamat, senior VP of compliance Steven Christie, APAC head Leon Foong, and chief strategy officer Patrick Hillman — have left the…

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Filed under: News - @ November 27, 2023 12:08 pm