The new CEO of the world’s largest crypto exchange by trading volume foresees a strong future for crypto and his business.
Fortune reports that Richard Teng, Changpeng Zhao’s successor at Binace, says Binance’s move toward compliance will pay off in the long run, allowing the company to claim a larger share of the growing crypto market.
Teng, who previously served as head of regional markets at Binance, was promoted to CEO last week after the company’s previous CEO Changpeng Zhao resigned.
Says Teng,
“We start from a strong position. The company’s foundations are extremely strong. Our capital structure is debt-free, expenses are modeled and our revenues and profits remain robust.”
Teng confirmed that Binance would adopt a traditional corporate structure under his leadership, stating that it would include a board of directors, a physical address and financial transparency.
Says Teng,
“Once you get all those corporate structures in place, I think we’ll share those financials. We all know those accountants [require them], but the regulators will require all these things too. That is why we as an organization are committed to transparency.”
Last week, former Binance CEO Changpeng Zhao stepped down as CEO of the cryptocurrency exchange and admitted to violating US anti-money laundering laws.
In the aftermath, Teng claimed the embattled exchange’s business fundamentals remained “very strong” despite recent regulatory headwinds.
“Binance continues to operate the largest crypto exchange in the world by volume, our capital structure is debt-free, fees are modest, and despite the low fees we charge our users, we have robust revenues and profits.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on TweetFacebook and Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/IM_VISUALS
