March 1, 2024

New Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics

Teng’s tenure will focus on three aspects of the business as the CEO — reinstating investor confidence, collaborating with regulators and driving Web3 adoption, he said.

Amid ongoing confusion, uncertainty, and rumors around the recent departure of Changpeng “CZ” Zhao as Binance CEO, his replacement, the new Binance CEO Richard Teng, took to X (formerly Twitter) to attempt to boost investor confidence.

Soon after CZ announced he was stepping down, Binance critics on X shared their opinions on what lies ahead for the crypto exchange. While some sought details on the source of funds for CZ’s and Binance’s legal proceedings that exceed $4 billion in total, others claimed mistrust due to discrepancies in Binance’s previously shared proof of reserves (PoR).

Coinbase director Conor Grogan estimates that Binance can pay off the hefty fines imposed by the United States Department of Justice (DOJ) without selling any crypto assets.

“The fundamentals of our business are very strong,” reassured Teng as he retweeted Grogan’s analysis. He said the crypto exchange generates robust revenues and profits despite low platform fees.

In his introductory tweet as Binance’s new CEO, Teng stated that “the foundation on which Binance stands today is stronger than ever.” For starters, Teng said he will focus on three aspects of the business — reinstating investor confidence, collaboration with regulators, and driving Web3 adoption.

Related: Breaking: Binance’s CZ to plead guilty to violating Anti-Money Laundering requirements — WSJ

In his exit note, CZ confirmed his plans to remain associated with Binance as a shareholder, adding, “I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.”

While mentoring several startup entrepreneurs, CZ will also focus on decentralized finance (DeFI) initiatives.

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