SBM Intelligence emphasized that detaining foreign business officials could make it challenging for the country to attract investors.
Nigerian stakeholders demand Binance reveal identity of bribe agent
SIBAN’s executive secretary, Rume Ophi, stressed that Binance should reveal names to substantiate the claim and allow authorities to address wrongdoing.
Nigerian officials proposed secret crypto settlement, claims Binance CEO
Binance CEO Richard Teng says the Nigerian government has set a dangerous precedent after inviting company executives to meetings before detaining them.
Binance Secures Full Virtual-Asset Services Provider License in Dubai
The fourth and final stage of approval comes almost a year after the crypto exchange secured a third-stage license.
Binance CEO Richard Teng Sees Bitcoin Crossing $80K by Year End
Binance’s fairly new boss Richard Teng has said Bitcoin (BTC) will exceed his previous expectations of hitting the $80,000 mark by the end of this year, according to Bloomberg.
New Binance CEO Evasive in First Marquee Interview Since Getting One of the Biggest Jobs in Crypto
In his first public interview since getting the job last month after founder Changpeng “CZ” Zhao was formed to step down amid a $4.3 billion legal settlement with the U.S. government, Teng said Binance’s compliance systems were inadequate in the past and that mistakes were made. But Teng, who has held senior positions at Binance for several years, refused to give answers about the company’s governance.
Richard Teng: Steering Binance in a New Era of Compliance
With Binance founder Changpeng “CZ” Zhao gone, the new CEO has big shoes to fill as he’s tasked with cleaning up the reputation of the world’s largest crypto exchange.
Binance’s explosive growth led to compliance failures – CEO Richard Teng on $4.3B settlement
The new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.
Binance CEO outlines plan for crypto exchange after CZ steps down
Richard Teng became CEO of crypto exchange Binance after Changpeng Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21.
Binance New CEO Affirms Strength In Company’s Fundamentals
The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals.
Binance Fundamentals Shows Strength Amid Challenges, New CEO
Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid.
Related Reading: Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why
Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits.
Teng said:
Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.
Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.”
In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read:
I backed out Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales.
Changpeng CZ Zhao Pleads Guilty To Crime
This is so significant that despite the craze following former Binance’s CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea.
In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history.
Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’
Binance regional markets head Richard Teng insists that, despite regulatory scrutiny, the company has no parallels to collapsed exchange FTX.