In a recent interview with CoinDesk, Binance CEO Richard Teng offered a comprehensive examination of the company’s strategic initiatives and future plans.
Teng initiated the conversation by outlining the substantial modifications to Binance’s organizational structure that have occurred since his appointment. The organization has transitioned from a founder-led structure under CZ (Changpeng Zhao) to a board-led structure.
This transformation has resulted in a more corporate governance approach, with a talented group of senior global executives overseeing day-to-day operations and three independent directors serving on the board. The objective of this new structure is to establish a platform that is more resilient and sustainable, capable of navigating the intricacies of the global regulatory landscape.
Regulatory compliance is one of the most critical areas of focus for Binance under Teng’s leadership. Teng underscored Binance’s commitment to collaborating with global regulators to facilitate the deployment of cryptocurrency and establish regulatory frameworks that promote innovation and mitigate risks. He recognized the obstacles that Binance has encountered in the past, such as penalties for non-compliance, and reaffirmed the company’s dedication to the development of a transparent and compliant platform.
Binance has acquired numerous additional licenses worldwide since the commencement of 2024, bringing the total to 19. Significantly, Binance has lately obtained its 19th global license with the sanction of India’s Financial Intelligence Unit. Earlier in the year, Binance also obtained licenses in Thailand and Dubai, thereby further expanding its global presence.
Teng emphasized the significant investment that Binance has made in compliance. The expenditure on compliance by Binance increased from $158 million in 2022 to $213 million in 2023. The organization reiterates its commitment to this sector, anticipating additional investments in 2024.
Binance has been recruiting top-tier talent to improve its compliance functions, including the recruitment of senior executives from prominent financial institutions such as Morgan Stanley and Kraken. According to Teng, this emphasis on compliance is a component of Binance’s overarching strategy to establish the most resilient and robust platform in the industry.
Teng responded that Binance is currently in a very robust financial position and does not require consideration of these alternatives when inquired about the potential for an IPO (Initial Public Offering) or fundraising. He emphasized that the board and shareholders are responsible for making these decisions, not him personally. Teng and his team are instead concentrating on the development of a sustainable and dynamic ecosystem for the future of cryptocurrency.
In the future, Binance intends to continue to advance blockchain technology, support innovative initiatives, and attract the most talented individuals to contribute to the development of the crypto industry. Teng pledged to guarantee that Binance not only achieves success in the present but also thrives for decades to come.
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