The new Binance CEO maintains that the embattled exchange’s business fundamentals remain “very strong” despite recent regulatory headwinds.
Richard Teng, who previously worked as Binance’s head of regional markets, was promoted to the CEO position earlier this week after the company’s previous chief executive, Changpeng Zhao, resigned.
Zhao stepped down after agreeing to plead guilty to violating US federal law that requires financial institutions to guard against money laundering and terrorist financing.
The U.S. Department of Justice also slapped Binance with $4.3 billion worth of penalties and forfeiture after the exchange agreed to plead guilty to violating the Bank Secrecy Act and the International Emergency Economic Powers Act, as well as failing to register as a money-transmitting business.
Teng, however, maintains that Binance’s business will continue to thrive.
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“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.”
Conor Grogan, Coinbase’s product strategy and business operations director, says he deduced Binance Corporate’s crypto holdings from their proof of reserves, noting that they consist of $6.35 billion in total assets, including $3.19 billion in stablecoins.
Grogan notes that number doesn’t include off-chain cash balances or funds held in wallets not in the exchange’s proof of reserves.
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