The CEO of Binance has revealed the company’s goals and future course after reaching a settlement with US authorities, such as the Department of Justice (DOJ). He emphasized, “We have moved past that as the company move into greater maturity,” saying the cryptocurrency company is concentrating on “sustainability.”
“The Path of Travel Is Quite Evident.”
In a CNBC interview on Tuesday, Binance’s newly appointed CEO, Richard Teng, detailed the company’s future goals in the wake of the cryptocurrency exchange’s settlement with US authorities, notably the Department of Justice (DOJ).
Teng addressed worries regarding the company’s previous conduct by asserting that the accusations made against Binance are related to actions taken during a “very early stage” of the company’s growth, “where rules are nascent” and “there’s no clarity.” He stressed
However, that is already in the past as the business matures. We are considering sustainability, and since there is a definite trend in the direction of increased compliance, we are putting together a very strong compliance program.
Binance and US authorities reached a settlement in November of last year after a protracted inquiry. The cryptocurrency exchange consented to pay $4.3 billion, which consisted of a $1.8 billion fine and a $2.5 billion forfeiture. Changpeng Zhao (CZ), the former CEO, resigned on charges pertaining to the Bank Secrecy Act. His punishment is not yet known. Additionally, Binance was charged by US authorities with enabling transactions against US sanctions.
The composition of Binance’s inaugural board of directors, which primarily consisted of business insiders with a small number of non-executive members, caused some controversy. Teng defended the choice, highlighting the necessity of having a board that is well-versed in Binance’s distinct business strategy. The CEO asserted, “It’s a good mix of internal and external [ones] on how to bring this company forward as corporate stewards.”
Furthermore, Binance has not yet decided where to locate its formal worldwide headquarters. Teng has acknowledged that the cryptocurrency exchange is weighing its choices, but he made clear that picking the best location is a “very deliberate process.”
The CEO emphasized that while selecting a site is “not an easy decision,” the business must look for a jurisdiction that can support its users, “has the regulatory framework to cater to the breadth and depth” of its products, and “whether we can base more people there as part of our corporate headquarters.” Paris was once suggested as a potential location for the worldwide headquarters.
The CEO of Binance came to a conclusion:
We need to give careful thought to a number of factors at play, and this is a pretty methodical process. That is the tour we must take; we will witness a company headquarters similar to those of other corporate institutions.
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