May 23, 2024

The crypto space is bubbling with different opinions over the events surrounding the world’s largest crypto exchange, Binance. The founder of the firm, Changpeng Zhao (CZ), has just stepped down from his position as the CEO of the exchange. 

The new Binance CEO, Richard Teng, laid a robust foundation for the firm’s operations to boost customers’ confidence and shut down criticism of the exchange.

The exit of CZ as the CEO of Binance garnered several reactions within the crypto community. Some critics have slammed the exchange and its ongoing legal battle with the US Department of Justice (DOJ).

Also, some people tried to probe the source of the money cushioning Binance’s and CZ’s legal activities that scaled above $4 billion.

A few persons reacted, expressing a lack of trust over the discrepancies in the exchange’s previously disclosed proof of reserves (PoR). However, in his exit comment, CZ acknowledged making mistakes and was ready to take full responsibility. 

Though the former CEO noted how uneasy it was for him to let go emotionally, he maintained that it was the right time to do so.

Regarding his plans and place in Binance, CZ mentioned that he will only remain a shareholder of the exchange. Also, he will lay out some input if the team needs his contributions.

CZ stated:

I will remain available to the team to consult as needed, consistent with the framework set in our US agency resolutions.

Some comments on the X platform also explored the potential fate of the crypto exchange with the trend of legal events. However, Coinbase director Conor Grogan believes that Binance may not need to sell crypto assets to pay off the huge fine from the DOJ. 

New Binance CEO Teng Reveals Strong Foundation For The Operations Of The Firm

Due to the buzz and criticism regarding Binance’s legal proceedings with the US DOJ, the new CEO, Teng, made some remarks. In response to Grogan’s analysis on the X platform, Teng revealed that Binance maintains a robust foundation, stating, “The fundamentals of our business are very strong.”

He mentioned that through its massive operations, Binance remains the global largest crypto exchange by volume. Also, it raises huge revenues and profits amid its overall low fees.

Earlier, in his opening comment as the new Binance CEO, Teng reassured that the exchange is currently standing on a stronger foundation. Further, the CEO stated the three major focus areas in his leadership.

He aims to maintain the exchange’s financial strength, safety, and security to retain its customers’ trust. 

Also, he will pursue to improve Binance’s relationships with global regulators. This will help the company to maintain high standards while facilitating innovations without compromising users’ protection.

Also, Teng aims to expand the exchange through collaborations that foster adoption within the Web3 space.

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