Binance’s new CEO: Binance is undergoing a transformation from a technology startup to a traditional financial company

Binance’s new CEO Richard Teng recently accepted an exclusive interview and elaborated on the challenges facing the company and future plans. Teng said in the interview that Binance, as a relatively young company with a history of six years, is undergoing a transformation from a technology startup to a traditional financial company. He admitted that there were some "mistakes" during the company's rapid rise, but emphasized that Binance has learned from them. Teng's takeover comes against the backdrop of CZ's resignation as Binance founder, who recently agreed to pay a $4 billion criminal settlement and step away from the company. Teng said he has gained the trust of CZ, the leadership team and employees and will continue to lead this important brand. Teng mentioned that one of his goals is to assist the crypto industry in promoting the adoption of globally consistent rules, similar to those that the banking industry has long had. He emphasized that as a regulator, understanding the industry is key to effective regulation, similar to the situation of a banker or bank supervisor without a bank account. Regarding the future of Binance, Teng said that the company will move to a more transparent corporate structure, including the board of directors, company address, and financial transparency. Although the company has been considered a borderless, low-law enterprise in the past, Teng emphasized the company's commitment to transparency and said it would share financial information. In response to questions about Binance’s recent outflows, Teng said it was predictable as Binance became the first exchange outside the United States to implement a mandatory real-name system. He also said the company has sufficient resources to remain competitive even as it faces new regulatory restrictions and prepares to pay the largest fine in U.S. history. Finally, Teng emphasized that Binance’s ongoing reforms will be successful in the long term, allowing it to maintain its leading position in the growing crypto market. He is confident about the company’s future and said Binance will continue to adapt to its evolving role in the crypto industry and embrace the influx of institutional funds. (Bloomberg)