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Cryptogambling / New Binance CEO Richard Teng to focus on retaining investor confidence

New Binance CEO Richard Teng to focus on retaining investor confidence

Publish Date: 23/11/2023
Video: Richard Teng: Who is the new boss of Binance? #youtube #news #world #livestream #youtubeshorts

Richard Teng: Who is the new boss of Binance? #youtube #news #world #livestream #youtubeshorts

Amid confusion and rumors surrounding Changpeng “CZ” Zhao’s departure, Richard Teng, the new Binance CEO, outlined his focus on key aspects in a social media post, including restoring investor confidence, collaborating with regulators and promoting Web3 adoption.

Teng took over as Binance’s CEO after Zhao pleaded guilty to money laundering and sanctions violations. Zhao resigned as CEO as part of a comprehensive agreement to settle a Department of Justice (DOJ) investigation.

“The fundamentals of our business are VERY strong. Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits,” said Teng.

Following Zhao’s announcement, critics on social media discussed the future of Binance. Some asked about the funding sources for Zhao and Binance’s legal proceedings, which total over $4 billion, while others expressed distrust over discrepancies in Binance’s previously shared proof of reserves (PoR).

Coinbase director Conor Grogan believes Binance could cover the substantial fines from the DOJ without needing to sell any crypto assets.

“I backed out Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets not in PoR. Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales,” said Grogan.

Vanderbilt University law professor Yesha Yadav, who specializes in financial regulation, said Binance has significant work ahead following CZ’s departure.

“There’s a lot of work to be done in radically re-imagining the operating and governance model for Binance, to ensure it can operate in a way that is — and is also seen to be — aggressively pro-compliance, as well as open to incorporating highest standards of good governance and risk management,” said Yadav.

Teng faces the task of rebuilding trust in Binance during a period of moderate recovery in digital-asset markets following a 2022 decline that impacted competitors like FTX. Once a dominating power with over 60 percent market share globally, Binance’s combined market share for spot crypto and derivatives has dropped to less than 44 percent, as reported by CCData.

Passing CEO role for company’s growth, CZ says

CZ sees passing the CEO role to Teng as a natural step in the company’s growth. “With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead,” CZ said.

CZ also confirmed his intention to stay linked to Binance as a shareholder. He explained, “I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.”

CZ further revealed his interest in mentoring startup entrepreneurs and concentrating on decentralized finance (DeFi) initiatives.

In the past 24 hours, customers have withdrawn a net of $1.3 billion from the Binance platform, as reported by DefiLlama. This amount is less than previous daily outflowsofo $4 billion. DefiLlama estimates that Binance’s exchange assets stand at $67 billion.

BNB, the native token of Binance, dropped about three percent to $231 on Wednesday, extending a nearly six percent slump from Tuesday. BNB ranks as the fourth-largest crypto coin, valued at $36 billion, and is seen as an indicator of sentiment towards Binance.

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