Richard Teng, the new CEO of Binance, has expressed a positive view on the financial oversight by U.S. authorities, seeing it as a trust-building measure for investors. Teng emphasizes Binance‘s commitment to regulatory compliance. The company recently agreed to a $4.3 billion settlement with US authorities over criminal and civil charges, including a FinCEN compliance monitoring period of up to five years.
Teng highlights this oversight as a confidence booster for users, particularly institutional investors, signaling a revitalized interest in the exchange following its resolution with US authorities.
“The compliance monitor to me in many senses is a key positive,” Teng told the Financial Times, adding: “That gave a lot of confidence to users, including institutional users, which are now approaching us in a very aggressive fashion.”
However, like his predecessor Changpeng Zhao (CZ), Tang refused to provide information about the locations of its headquarters. CZ insisted that Binance had no global headquarters. Teng said Binance has undergone audits in jurisdictions where it is regulated but declined to name the audit firms involved.
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