Binance Has 'Turned The Page,' New CEO Says

Richard Teng, who became Binance's chief executive officer last week, said the company is ready for decades of growth and success.

"We have turned the page on Binance's historical challenges and we are, in fact, stronger today than we have ever been," Teng said in a blog post. "Over the course of the past two years, Binance has systematically worked to address its past compliance issues through a series of significant efforts to recruit, hire, and retain the right personnel to strengthen Binance's compliance program and culture."

Last week, Binance and its founder Changpeng Zhao pleaded guilty to the U.S. Department of Justice's charge of one count of violating the Bank Secrecy Act. Zhao, also known as CZ, resigned from the CEO post and agreed to pay a $50 million fine.

The charge stemmed from the involvement of the crypto exchange platform in a global criminal enterprise, as alleged by the DOJ. As part of the settlement with prosecutors, Binance was punished with a historic $4.3 billion fine and, going forward, agreed to adhere to the regulatory compliance and requirements by the regulators and government agencies.

In Monday's blog post, Teng tries to reassure readers and clients that the company has learned from past challenges and will collaborate with policymakers and peers in the crypto industry.

"You should feel confident in the financial strength, security, and safety of the company," the new CEO wrote. "Your assets are protected."

Teng joined Binance in August 2021 as CEO of the company's Singapore unit. Before being promoted to the global CEO position, he was head of regional markets, running Binance operations in all regions outside of the U.S.