According to Binance CEO Richard Teng, the company has successfully navigated cultural challenges following some setbacks.
According to CNBC’s report, Teng spoke at Paris Blockchain Week and mentioned that Binance has successfully navigated cultural obstacles following a $4.3 billion penalty imposed by the US Department of Justice.
As our business continues to grow and develop, we’ve left behind old ways and now focus on sustainability. Our goal is to become even more compliant in all aspects, making it clear that this is the path forward. Consequently, we are diligently constructing a strong compliance program.
Richard Teng, Binance CEO
Teng explained that Binance prioritizes having in-house talent on its board to match the company’s distinct requirements.
A effective approach involves combining both inner insights and external influences to shape the future of this company as responsible leaders.
Richard Teng, Binance CEO
Teng explained that the present board was dedicated to implementing technology and product improvements to establish a robust and enduring business.
On November 21, 2023, Teng assumed the role of CEO at Binance following Changpeng Zhao’s departure. Zhao, the company’s founder, stepped down as part of a settlement with the U.S. Department of Justice. Additionally, Binance consented to pay a fine totaling $4.3 billion.
The newly appointed CEO vowed to revamp the cryptocurrency trading platform and adopt a conventional business framework. This, according to Teng, involves having a board of directors, a central office, and financial openness.
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2024-04-09 18:54