The world’s largest cryptocurrency exchange Binance underwent significant changes last week. Having reached an agreement with the US and started on a clean slate, the company continues its journey with a new CEO. CEO CZ had previously mentioned that he could step down from his CEO position if necessary and hinted that those days might be close.
New Binance CEO Richard Teng recently published his first blog post. The CEO of the exchange, which has 160 million users, announced that the platform would now be much more meticulous about compliance and emphasized that lessons would be learned from the past. During the years when crypto companies were not sufficiently compliant, Binance experienced rapid global growth. Although the company benefited from a lack of regulation, it was known that the price of past mistakes would one day have to be paid.
Binance continues its operations smoothly and CZ will now only provide advisory services when necessary. While all management decisions are made by Richard and his team, CZ continues to own the company as its largest shareholder. Moreover, since the exchange will be constantly monitored by the US regulator, the compliance team needs to work flawlessly.
The new CEO stated in his blog post: “As Binance, we have left behind the challenges we faced in the past and today we are stronger than ever. Binance has taken many steps over the past two years to strengthen its compliance program and culture, including hiring and retaining the right staff. As an industry, we need to focus on collaborating with policymakers more than ever before. Only in this way can we actively contribute to the development of a globally harmonized regulatory framework that promotes innovation while providing critical consumer protections. I am eager to work together with my industry peers in this critical endeavor, and I know that when we are united, our voice will be louder.”
Binance continues to honor our commitments, from our continuously improved reserve proof system, first implemented 12 months ago, to our Secure Asset Fund for Users (SAFU) emergency fund, to ensure you feel secure about the integrity of our platform.