Binance, considered the world’s largest cryptocurrency exchange, is experiencing turmoil following the resignation of founder and former CEO Changpeng Zhao last week. Richard Teng, Binance’s former global head of regional markets, has been appointed as the company’s new CEO. In his address to the Binance community, Teng posted an official blog guaranteeing that users’ assets are safe and protected against the backdrop of internal changes at the US-based company.
“Our capital structure is debt-free, our expenses are affordable, and we enjoy strong revenues and profits despite the low transaction fees we charge to our users. From our Proof of Reserves system to our SAFU (Secure Asset Fund for Users) emergency fund, we are committed to ensuring that you feel safe about the integrity of our platform,” Teng said in his first blog post as CEO of Binance. wrote in
On November 21, Zhao announced that he was leaving the company. However, the exit was not aimed at propelling the cryptocurrency giant into other projects.
According to the U.S. Securities and Exchange Commission (SEC), Zhao violated the country’s anti-money laundering laws. This reportedly led the company and Zhao to conceal more than 100,000 suspicious transactions with organizations such as Hamas, al-Qaeda, and the Islamic State of Iraq and Syria, which the United States classifies as terrorist groups.
Today I stepped down from my position as CEO of Binance. Of course, letting go of my emotions wasn’t easy. But I know it’s the right thing to do. I made a mistake and I need to take responsibility. This is what’s best for our community, Binance, and myself.
Binance is no longer a baby. that…
— CZ :large_orange_diamond: BNB (@cz_binance) November 21, 2023
Before stepping down as CEO, Zhao named Teng as his successor. Teng has since defended Binance’s financial health at X, asserting that the company has solid revenues and profits despite low fees.
The fundamentals of our business are very strong.
Binance continues to operate the world’s largest cryptocurrency exchange by trading volume, its capital structure is debt-free, its expenses are affordable, and it enjoys solid revenues and profits despite the low fees it charges to its users. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
“Over the past two years, Binance has systematically worked to address past compliance issues through a series of significant efforts to recruit, hire, and retain the right people to strengthen Binance’s compliance program and culture. I understand the unique challenges and opportunities our industry presents, and I am committed to navigating cryptocurrency winter and summer alike,” Teng’s blog said.
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