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Binance's New CEO Richard Teng Acknowledges Early Errors, Emphasizes Commitment to Compliance
Summary: In an interview with Cointelegraph, Binance's new CEO Richard Teng acknowledged that the crypto exchange paid a significant price for errors made during its early stages of rapid expansion. Teng highlighted how Changpeng Zhao spearheaded Binance's growth from a six-member team to a global enterprise with thousands of employees catering to over 166 million users. ...
In an interview with Cointelegraph, Binance's new CEO Richard Teng acknowledged that the crypto exchange paid a significant price for errors made during its early stages of rapid expansion. Teng highlighted how Changpeng Zhao spearheaded Binance's growth from a six-member team to a global enterprise with thousands of employees catering to over 166 million users. Teng admitted compliance gaps in the company's early days, resulting in violations and mistakes. However, he emphasized that Binance has consistently prioritized the safety of user funds, and despite U.S. regulatory restrictions, there have been no allegations of misappropriation.
Teng affirmed Binance's commitment to compliance going forward, noting key members of the compliance team, who bring expertise from regulatory bodies like the U.S. Securities and Exchange Commission (SEC) and traditional financial institutions such as Morgan Stanley and Barclays.
Author: Katie Lin
Tags: Binance,Changpeng Zhao,compliance,Richard Teng
Link: Binance's New CEO Richard Teng Acknowledges Early Errors, Emphasizes Commitment to Compliance [Copy]
