Binance Fundamentals Are ‘Very Strong,’ Reassures New CEO Richard Teng

Amid reports of nearly a billion dollars worth of crypto assets getting withdrawn from Binance, the company’s new Chief Executive Officer – Richard Teng – took it to X to reassure the user base that the firm’s fundamentals are “VERY strong.”

His comments were in response to a tweet suggesting Binance managed to pay the mind-blowing $4.3 billion settlement fee with the US DOJ without selling any assets.

  • The biggest news in the crypto industry for the past several months came yesterday when the United States Department of Justice announced reaching a settlement deal with the world’s largest crypto exchange – Binance.
  • Aside from having to pay $4.3 billion to the US authorities to close all pending legal cases, Binance took another hit as its founder and CEO at the time – Changpeng Zhao – pled guilty to failing to implement proper anti-money laundering policies and had to step down.
  • Richard Teng, the former Head of Regional Markets, replaced CZ. In a statement, Teng outlined his primary focus:
  1. reassuring users that they can remain confident in the financial strength, security, and safety of the company
  2. collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
  3. working with partners to drive growth and adoption of Web3
  • Earlier today, Teng further claimed that the exchange’s fundamentals continue to be “VERY strong” while responding to Conor Grogan – a director at the rival company Coinbase, who asserted that Binance was “most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales.”

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.

— Richard Teng (@_RichardTeng) November 22, 2023

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2023-11-22 11:34