Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company.
Richard Teng Outlines Binance’s Future
Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the $4.3 billion settlement with the U.S. Department of Justice (DOJ).
Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.”
The new CEO acknowledged the need for cryptocurrency businesses and policymakers to interact to create a global regulatory framework for crypto. He stated:
As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.
Innovation, Users, and Web3 Expansion
Teng mentioned three significant elements that will remain part of Binance’s strategy. The first one is innovation, with Teng explaining that the company was able to bring value to its users since its beginnings through innovating. In this sense, Teng assured that Binance will “remain committed to product excellence as we continue to blaze the trail of financial innovation.”
He referred to the exchange users as a vital part of the company, reinforcing that the exchange has a solvent economic position, maintaining a 1:1 backing of all the assets under custody. Teng stressed:
You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company.
Also, Teng hopes to empower and foster innovation through the promotion of decentralized applications and the adoption of Web3; nonetheless, he acknowledges that this “will be impossible without promoting regulatory innovation in a collaborative way,” having helmed the Abu Dhabi Global Market and collaborated with the creation of the UAE’s Web3 regulatory framework.
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