Binance’s new CEO Richard Teng said he will keep the cryptocurrency exchange’s core team intact as he steers the company through regulatory challenges.
Teng said in a Bloomberg TV interview that keeping Binance’s core team intact is “very important,” Bloomberg reported Wednesday (Nov. 29).
Despite recent challenges and the departure of key executives, Teng expressed confidence in the company’s resilience and stated that revenues and profits remain robust, according to the report.
Teng was appointed as the new CEO of Binance Holdings, one of the world’s largest cryptocurrency exchanges, on Nov. 21 following the departure of the company’s co-founder and former CEO Changpeng Zhao.
A former civil servant and head of the Abu Dhabi Global Market, Teng took the helm as Binance faces a $4.3 billion settlement with the U.S. Department of Justice (DOJ) over anti-money laundering (AML) and sanctions violations.
The settlement with the DOJ prohibits Zhao from any formal involvement with Binance for the next three years and may result in an 18-month prison sentence, according to the report. However, Zhao retains a significant stake in the company.
As the new CEO, Teng faces the critical tasks of selecting a formal headquarters for Binance and establishing a board of directors, the report said. While Teng did not provide specific details, he mentioned that announcements regarding these processes would be made in due time.
Binance, which is not publicly traded like its rival Coinbase and isn’t required to share revenue numbers, is estimated to generate at least $5.1 billion in annual gross revenue from trading fees, per the report.
Teng told Bloomberg that “revenues and profit remain robust,” according to the report.
PYMNTS reported in October that the resignation of the managing director of Binance’s French unit, Stéphanie Cabossioras, was the fifth departure of a top executive from the firm in the previous four months. That resignation came at a time when Binance was facing regulatory scrutiny in France.
The company also faces challenges in Southeast Asia. For example, the Philippines’ Securities and Exchange Commission (SEC) announced Tuesday (Nov. 28) that it is blocking access to Binance, arguing that its operator was not a registered corporation in the Philippines authorized to sell or offer securities.
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