Richard Teng, CEO of Binance, acknowledged the company’s past issues following a $4.3 billion fine from the U.S. Justice Department. He admitted to the indictment against Binance but emphasized the strides made by the crypto exchange in compliance and sustainability efforts. In simpler terms, Binance’s CEO, Richard Teng, admitted to past problems with authorities over a $4.3 billion fine. However, he is now focusing on Binance’s new initiatives aimed at adhering to regulations and promoting eco-friendliness.
In November, a settlement worth $3.27 billion in penalties was reached, with CZ’s company being among those implicated in violating the Bank Secrecy Act. With few options left, CZ’s business had to discontinue operations as part of plea deals that put an end to an ongoing investigation into cryptocurrency exchange practices that had been running for several months.
At the Paris Blockchain Week summit, Teng announced Binance’s dedication to adhering to regulations. This was underscored by the selection of its inaugural board of directors. Although largely made up of in-house personnel, the board’s role is to manage regulatory issues and guide Binance towards a longer-term, compliant existence.
Concerning Binance’s main office, Teng mentioned that a final decision hasn’t been made yet. Factors being taken into account are regulatory guidelines and operational needs. Paris was previously proposed as a possible site, but Teng emphasized the significance of carefully choosing the location.
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2024-04-10 02:44