Binance Fundamentals Are ‘Very Strong,’ Reassures New CEO Richard Teng
Amid reports of nearly a billion dollars worth of crypto assets getting withdrawn from Binance, the company’s new Chief Executive Officer – Richard Teng – took it to X to reassure the user base that the firm’s fundamentals are “VERY strong.”
His comments were in response to a tweet suggesting Binance managed to pay the mind-blowing $4.3 billion settlement fee with the US DOJ without selling any assets.
- The biggest news in the crypto industry for the past several months came yesterday when the United States Department of Justice announced reaching a settlement deal with the world’s largest crypto exchange – Binance.
- Aside from having to pay $4.3 billion to the US authorities to close all pending legal cases, Binance took another hit as its founder and CEO at the time – Changpeng Zhao – pled guilty to failing to implement proper anti-money laundering policies and had to step down.
- Richard Teng, the former Head of Regional Markets, replaced CZ. In a statement, Teng outlined his primary focus:
- reassuring users that they can remain confident in the financial strength, security, and safety of the company
- collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
- working with partners to drive growth and adoption of Web3
- Earlier today, Teng further claimed that the exchange’s fundamentals continue to be “VERY strong” while responding to Conor Grogan – a director at the rival company Coinbase, who asserted that Binance was “most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales.”
The fundamentals of our business are VERY strong.
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. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
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