The new CEO of Binance, Richard Teng, gave the skeptics a ‘very strong’ basis
Amid the continued confusion, uncertainty and rumors surrounding Changpeng “CZ” Zhao as Binance CEO, his successor Richard Teng took to X (formerly Twitter) to boost investor confidence.
Shortly after CZ announced his resignation, Binance critics on X shared their thoughts on what lies ahead for the crypto exchange. While some sought details on the source of funds for CZ and Binance's legal proceedings and settlement totaling more than $4 billion, others expressed disbelief over differences in Binance's previously shared reserve of reserves (PoR).
Our business fundamentals are very strong.
Binance continues to be the largest crypto exchange in the world by volume, our capital structure is debt free, expenses are modest, and we have strong revenues and profits despite the low fees we charge our users. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
According to Coinbase director Connor Grogan, Binance can pay the huge fine imposed by the United States Department of Justice (DOJ) without selling any crypto assets.
Reiterating Grogan's analysis, Teng confirmed that “the fundamentals of our business are very strong.” He said that despite the low platform fees, the crypto exchange generates strong revenues and profits.
As Binance's new CEO, Teng said in his introductory X post, “The foundation on which Binance stands today is stronger than ever. For starters, Teng said he will focus on three aspects of his business: restoring investor confidence, cooperating with regulators and driving Web3 adoption.
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For CZ, passing the CEO torch to Binance's former global head of regional markets seems a natural part of the company's evolution. “With Richard and the entire team, I am confident that the best days are ahead for Binance and the crypto industry,” he said in his exit note.
CZ then confirmed its plans to continue as a shareholder with Binance, saying, “I will be ready to consult with the group as needed, based on the framework set out in the US agency's decisions.”
Today I step down as the CEO of Binance. It wasn't easy to let go emotionally. But I know it's the right thing to do. I made a mistake, and I have to take responsibility. This is great for the community, Binance and myself.
Binance is no longer a baby. is it…
— CZ Binance (@cz_binance) November 21, 2023
CZ said it is interested in mentoring startup entrepreneurs and will also focus on decentralized finance (DeFI) initiatives.
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