Richard Teng, who took over as Binance’s CEO in 2023, took over as Binance’s director after Changpeng Zhao resigned as part of a $4.3 billion settlement with US regulators for violating sanctions and anti-money laundering laws. Zhao was subsequently sentenced to four months in prison. He is due to be released on September 29.
Since taking over, Teng has prioritized transforming Binance from a founder-led company to a board-run company. Teng’s efforts include finding a permanent headquarters for the exchange, which has historically been elusive about its base of operations.
Despite the recent surge in cryptocurrency prices and growing interest from traditional financial institutions, Teng confirmed in an interview that Binance has no plans to go public. “We’re in a very strong financial position, so we don’t really need to think about any fundraising or an IPO right now,” Teng said. He added that Binance has been profitable since its early days and continues to be conservative with its expenses.
Under Teng’s leadership, the crypto exchange’s policies signal a move toward greater transparency and compliance. The exchange increased its compliance spending by 36% last year and is actively working to improve relationships with global regulators. “It’s really about building a sustainable business that will not only be successful in the next few years, but will continue to thrive for the next 50 to 100 years,” said .
The new CEO also distanced himself from his predecessor, saying: “As part of the US decision, CZ cannot participate in the company’s activities. I do not speak to her.” However, Teng noted that Binance co-founder Ye Hai, who is also Zhao’s wife, remains an integral part of the management team and oversees the exchange’s human resources department.
When asked about the possibility of raising funds to reduce Zhao’s ownership stake, Teng referred the matter to the board but dismissed concerns about Zhao’s legal status affecting the company’s regulatory position. He cited recent licenses and agreements in countries such as Dubai, India, Thailand and Brazil as evidence of Binance’s ongoing efforts to address regulatory concerns.
Ten made it clear that Binance is focused on markets outside the US, where the company faced significant legal troubles last year. Refuting speculation that the outcome of the upcoming US presidential election will impact Binance’s operations, Teng said: “Our business is outside the US, so we closely monitor what happens in the US, but it has nothing to do with our business.” .
In addition, the exchange plans to hire 1 thousand people by the end of 2024, Teng told Bloomberg reporters. According to the publication, the number of Binance staff two months ago already exceeded 5 thousand people. Some of the new employees will work with clients, others will be responsible for compliance with regulatory requirements. The company currently employs 500 workers and plans to hire 200 more, Teng added. According to him, Binance’s annual compliance costs exceed $200 million.
