Binance’s new CEO describes Binance fundamentals as ‘very’ strong

The new Binance boss, Richard Teng, shared insights on his experience, deliverables, and views about the future of web3 in his first blog post as CEO. In his blog, addressing Binance users, he described the fundamentals of Binance as very strong. 

While expressing his excitement about  assuming the new role, Richard Teng said “I am fortunate to lead a business with very strong fundamentals .”

Additionally, the new CEO further described Binance’s capital structure as debt-free, modest in expenses, and large capital inflow. “Not only does Binance continue to operate the world’s largest cryptocurrency exchange by volume but our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits,” Richard Teng said.

However, he assured users that their interest will continue to come first as he would put in the effort to ensure they remain at the center of what Binance does. Moreso, the new CEO urged users to “feel confident in the financial strength, security, and safety of the company.” Also, “your assets are protected,” he said, citing that Binance maintains 1:1 backing for users’ assets.

Acknowledging Binance’s compliance efforts, Richard Teng emphasized regulation, mentioning that the industry should focus more on collaborating with policymakers. According to him, “Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.”

Richard Teng boasts of three decades of experience in financial services and regulation. He was previously head of regional markets outside the U.S. and took up the CEO role after Changpeng Zhao, the founder of Binance resigned. CZ’s resignation was a response to regulatory and compliance sanctions on him as former CEO and the company Binance.

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