Richard Teng: The new CEO of Binance promises total financial transparency

Richard Teng, the new CEO of Binance, is committed to transforming the crypto company. Binance must leave behind its rebellious startup past to adopt a conventional financial structure. As the shadow of the criminal settlement of his predecessor looms, Teng aims to redefine the corporate culture. He also intends to ensure Binance’s competitiveness despite financial and regulatory challenges.

According to Fortune, Binance’s new CEO Richard Teng said that Binance is transforming from an unruly technology startup into a traditional financial company; it will adopt a traditional corporate structure, including improving transparency in the board of directors, address and…

— Wu Blockchain (@WuBlockchain) November 27, 2023

Transition towards Binance’s compliance

According to Fortune, Teng acknowledges the past mistakes of Binance during its hypergrowth phase. He emphasizes the need to move from a “unruly” startup to a conventional financial company.

The new CEO of Binance is confident in his role as a successor. However, he did not hide his close cooperation with Zhao. The latter has a deep understanding of the industry according to Teng.

Teng plans to capitalize on his previous experience as advisor to the Central Bank of Singapore and contributor to the development of a new financial center in Abu Dhabi.

Commitment to transparency

According to Fortune, Binance operated as a black box under CZ (despite being a market leader), functioning without providing a complete accounting of its assets. On this issue, Teng announces a radical change. He will certainly opt for a conventional corporate structure, including a board of directors and financial transparency.

Asked about the precise timing of the board details disclosure and the publication of financial statements, Teng remains vague. The current CEO promises a “solid timeline”. Pressure increases as clients migrate to unregulated crypto exchanges. Yet, Teng attributes these massive departures to the implementation of mandatory customer knowledge requirements, which is part of Binance’s fundamental strength despite regulatory challenges.

The reinvention of Binance under Teng’s leadership, focused on compliance and transparency, aims to ensure its longevity in the face of regulatory challenges. This opens the way to a growing share of the crypto market while preserving asset security for its users.