Binance's New CEO in Spotlight: His First Major Interview Unveiled

• Debut of New Binance CEO Richard Teng
• The Unanswered Questions
• Teng's Responses: From Headquarters to Audit
• Teng's Tenure and Binance's Future
• Transparency Concerns for Binance
• The Final Standoff

Debut of New Binance CEO Richard Teng

The recent public debut of Binance's new CEO, Richard Teng, was met with a few hiccups. Appointed last month after the departure of the company's founder, Changpeng CZ Zhao, Teng made his first public appearance amidst a $4.3 billion legal settlement with the U.S. government. During this appearance, Teng admitted to the past inadequacies of Binance's compliance systems and acknowledged mistakes.

The Unanswered Questions

Despite holding senior positions at Binance for many years, Teng avoided providing specific details about the company's governance. Scott Chipolina, the digital assets correspondent for The Financial Times, repeatedly sought answers from Teng on key issues about Binance, which largely went unanswered. Located in London, Chipolina communicated with Teng, who joined remotely via video.

Teng's Responses: From Headquarters to Audit

Teng avoided answering many questions regarding Binance's global headquarters, future audits, the number of employees, and the company's UK license application. Even when probed about the future of Binance under new leadership, Teng gave a vague response, stating, A lot of things will change.

Teng's Tenure and Binance's Future

Teng stepped into the role of CEO a few weeks ago after Zhao left the position in the wake of a settlement with the U.S. Department of Justice. The department had accused Binance of violating sanctions and money-transmitting laws.

During the interview, Teng stated that Binance's past compliance control measures were insufficient for the size of the operation. He emphasized that, moving forward, the company aims to be both user-led and compliance-led.

Transparency Concerns for Binance

When questioned about a potential audit for the exchange, Teng clarified that as a private company not publicly raising funds, Binance is not required to disclose certain information. However, he assured that their auditors possessed the relevant data.

The Final Standoff

Chipolina's attempts to encourage Teng to be more transparent about Binance's governance culminated in a tense exchange towards the end of the interview. When Chipolina emphasized the importance of transparency due to Binance's status as the largest crypto exchange, Teng responded that the company is indeed accountable to its users.

Edited by Jonathan Stoker