Richard Teng Reveals Plans for Binance
The newly-appointed CEO of Binance, Richard Teng, released his first blog for his company and revealed some of his plans for the future of one of the world’s most popular cryptocurrency exchanges.
According to Richard Teng, in his first statement on Twitter, he expresses deep humility and honor in taking over from the company’s founder, Changpeng Zhao or CZ. He acknowledged the foundation laid by CZ and Binance for the past six years.
The former head of regional markets, Richard Teng, said that his company has positioned itself for continued growth and success. He noted that as the new CEO of the company, he is committed to leading the team into the future while learning from the past.
The Binance CEO emphasized Binance’s focus on innovation that adds value to their more than 160 million users worldwide, and he wanted to keep the trust place in the company.
Richard Teng wanted to deliver best-in-class products that people use and find valuable consistently. He considered it the cornerstone of the organization, especially the ideas and innovation that Binance brings to its users.
On his first blog, the new Binance CEO also discussed his acceptance of the role with support from the previous CEO, Changpeng Zhao, as well as the leadership team. He highlighted their three decades of financial regulatory experience, expressing readiness to guide Binance through challenges and opportunities in the crypto industry.
The veteran Binance top manager said that his commitment to work tirelessly is his way of proving himself so that he can meet and exceed all stakeholders’ expectations while achieving Binance’s core mission, which is the freedom of money.
According to the Binance CEO, with his three decades of financial services and regulatory experience under his belt, he understands the unique challenges and opportunities the industry presents and is dedicated to steering Binance to crypto winters and summers alike.
Binance Efforts to Address Compliance
Richard Teng mentions Binance’s efforts to address compliance issues against national governments, as reported earlier, that Binance is under scrutiny by the US SEC and the Philippine SEC.
Through the Securities and Exchange Commission (SEC), the Philippine government issued an advisory against the company for operating without a license in the country.
Aside from the advisory released by the Philippine SEC, the government agency also coordinated with the National Telecommunications Commission and the Department of Information and Communication Technology for their plans to block Binance access in the Philippines.
Richard Teng said they already made some steps to coordinate with the Philippine government. The new Binance CEO said the company is getting stronger today than ever over the past two years.
Binance has systematically worked to address its past compliance issues through significant efforts to recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.
The Binance CEO said that as part of the crypto industry, Binance and other companies must focus more than ever on collaborating with policymakers. Only then may they effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.
Richard Teng noted that he is eager to work with his industry peers on this critical effort to coordinate with the government regulators so that their voices will be heard more loudly when they’re united.
Richard Teng’s Message to Users
The Binance CEO reassures Binance users about the company’s financial strength, security, and safety, emphasizing a 1:1 backing for user assets.
Richard Teng mentioned security measures like the proof-of-reserves and the Secure Asset Fund for Users (SAFU). He also noted that Binance will take responsibility as a custodian of their user’s assets.
Statement of the Future of Web3
The Chinese CEO of Binance expresses commitment to blockchain’s potential for financial inclusion, reclusion of transaction costs, and personal data control.
Binance aims to drive Web3 growth and regulatory innovation, drawing from its experience in the Abu Dhabi Global Market.
Richard Teng anticipates engaging with the community through blogs, social media, and industry events as they lead Binance into its new chapter, focusing on responsible growth and engaging with global policymakers to ensure crypto’s future sustainability.
As the new CEO of Binance, Richard Teng requests support from the community and promises more updates in the future.
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