Binance CEO dispels concerns about the impact of a $4,3 billion fine on the exchange’s financial health

Richard Teng assured that the company has a reserve of funds, with customers still able to withdraw their coins at any time

05.12.2023 - 11:17

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3 min

What’s new? The new CEO of Binance, Richard Teng, has said that the agreement with the US authorities, involving the payment of a fine of $4,3 billion, did not affect the financial condition of the exchange. The company continues to maintain its leading position in terms of trading volume while maintaining the ability for users to withdraw 100% of their assets at any time. “Many financial institutions have paid fines much bigger than this. What is important is for us to learn from our past actions, overcome them, and emerge from this episode stronger than before,” said Teng during a stream on X.

Press release

What else is known? Teng assured that under his leadership, the company will maintain its focus on users and make financial services more accessible while continuing to invest in other market segments to maintain leadership in the digital asset ecosystem. He noted that the proceedings with US authorities for sanctions violations and money laundering have not turned users away from the exchange: on the contrary, their inflow has increased and the total number of customers worldwide has exceeded 166 million.

Teng emphasized that the cryptocurrency landscape has changed significantly since the exchange was founded in 2017, with other stakeholder groups, including institutional institutions and regulators, emerging in addition to retail investors. He emphasized that he intends to actively advocate for the introduction of crypto regulation, as the same rules for all market players will accelerate the mass adoption of digital assets.

Changpeng Zhao steps down as chairman of the Binance.US board

Earlier, the court banned the businessman from leaving the United States before sentencing for sanctions violations and AML violations

Also, the senior executive reiterated that the exchange’s problems in the US date back to the past period of its operations, and over the past two years, Binance has invested a lot in its compliance program, hiring specialists with experience in the fields of government regulation and traditional finance. He assured that the exchange will improve this area to meet all global standards.

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