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Binance CEO Richard Teng braced for uphill battle in post-Zhao era

Economic Times

Economic Times · 1y ago

Binance CEO Richard Teng braced for uphill battle in post-Zhao era

Binance's new CEO, Richard Teng, faces significant challenges in restoring the reputation and dominance of the world's largest cryptocurrency exchange. Following Binance founder Changpeng Zhao's guilty plea to breaking US anti-money laundering laws, Teng must address years of US financial monitoring, an ongoing lawsuit by the SEC, and potential loss of market share. Teng aims to reassure users about Binance's financial strength and collaborate with regulators. However, transforming Binance's culture and overcoming its past challenges will be a massive undertaking. The reaction to Zhao's departure already led to significant outflows from the exchange.

Related News

CZ has left Binance, SBF Is in jail. Crypto is about to get boring

Wired · 1y ago

CZ has left Binance, SBF Is in jail. Crypto is about to get boring

In a significant development, Binance, the world's largest crypto exchange, and its founder Changpeng Zhao (CZ) have pleaded guilty to criminal charges in the US. According to the indictment, Zhao prioritized growth and profits over compliance, leading to clashes with regulators. The agreement reached with the US Department of Justice requires Binance to pay a $4.3 billion penalty, operate under tighter supervision, and replace Zhao as CEO. The appointment of Richard Teng, a former regulator, as the new CEO signals a shift towards cooperation with regulators in the crypto industry. This outcome is seen as a positive step in cleaning up the industry's image.

Binance's investors pull $956 million as Zhao steps down to settle US probe

Livemint

Livemint · 1y ago

Binance's investors pull $956 million as Zhao steps down to settle US probe

Investors have withdrawn around $956 million from Binance in the last 24 hours following the resignation of its CEO Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws. This raises concerns about the future of the world's largest cryptocurrency exchange. Richard Teng, a senior Binance executive, has been appointed as the new CEO. Despite the outflows, there are still over $65 billion in assets remaining on the platform. Binance has previously faced legal scrutiny, with investors withdrawing $1.43 billion in June after a lawsuit by the US Securities and Exchange Commission.

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

Economic Times

Economic Times · 1y ago

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

US District Judge Richard Jones in Seattle has approved plea deals between Binance Holdings, its former chief Changpeng Zhao, and US prosecutors. Binance agreed to pay over $4.3 billion and pleaded guilty to violating US anti-money laundering and sanctions laws, while Zhao also pleaded guilty and is awaiting sentencing in February.

Binance begins again with U.S. oversight. Will it survive?

Livemint

Livemint · 1y ago

Binance begins again with U.S. oversight. Will it survive?

The largest global cryptocurrency exchange, Binance, is facing significant challenges after its CEO was convicted of ignoring anti-money-laundering rules in the US. As part of a plea agreement, the firm agreed to pay over $4 billion in fines, be monitored by the government, and prevent US customers from using the platform. The new CEO, Richard Teng, a former regulator, believes the firm is in good shape, but users may be concerned about intrusive oversight and handing over their data to US authorities. Binance must also improve its money-laundering controls and convince regulators outside the US that it can continue operating.

Binance hiring 1,000 as compliance spending tops $200 million

Economic Times

Economic Times · 1y ago

Binance hiring 1,000 as compliance spending tops $200 million

Binance Holdings is looking to hire 1,000 employees this year, with a focus on compliance roles. The crypto exchange is spending over $200 million annually to meet regulatory requirements, including oversight by US authorities following a plea deal. Binance CEO Richard Teng emphasized the importance of government agencies and declined to comment on meetings with the Securities and Exchange Commission (SEC) during his US visit. Binance plans to have a 700-strong compliance workforce by the end of 2024, up from 500 currently. The company has faced increased requests from law enforcement agencies and is under monitoring by US agencies.

Binance CEO Changpeng Zhao might step down

Economic Times

Economic Times · 1y ago

Binance CEO Changpeng Zhao might step down

Binance CEO Changpeng Zhao might step down from his position. According to reports, Zhao is in discussions to resign as the CEO of the cryptocurrency exchange amid increasing regulatory scrutiny. Binance has been facing regulatory challenges in various countries, and Zhao's potential departure could be a response to these issues. No official confirmation has been made regarding his resignation.

Founder of Binance, world’s largest crypto firm, sentenced to four months

Livemint

Livemint · 1y ago

Founder of Binance, world’s largest crypto firm, sentenced to four months

Billionaire Changpeng Zhao, founder of Binance, the largest cryptocurrency exchange, has been sentenced to four months in jail and a $50 million fine for violating U.S. anti-money laundering laws. Zhao pleaded guilty to the charges in November and stepped down as CEO of Binance. The sentence marks the culmination of a multiyear investigation into the exchange and demonstrates how U.S. regulators are cracking down on the cryptocurrency industry. Binance also pleaded guilty to anti-money laundering violations, agreeing to pay fines of $4.3 billion and accept oversight by an independent monitor.

US court approves order for Binance to pay $2.7 billion to CFTC

Economic Times

Economic Times · 1y ago

US court approves order for Binance to pay $2.7 billion to CFTC

A US court has approved a settlement that requires cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, to pay a total of $2.85 billion in fines to the US Commodity Futures Trading Commission (CFTC). Zhao will pay $150 million personally, while Binance will have to disgorge $1.35 billion of ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC. The settlement resolves a case brought by the CFTC that accused Binance of money laundering and violating US anti-money laundering and sanctions laws.

Binance founder Changpeng Zhao to help Pakistan boost crypto trading bid

Economic Times

Economic Times · 4m ago

Binance founder Changpeng Zhao to help Pakistan boost crypto trading bid

Pakistan has enlisted Binance co-founder Changpeng Zhao to establish a competitive digital finance platform. As a strategic advisor, Zhao will assist Pakistan's Crypto Council in regulation, infrastructure, education, and adoption. This initiative aims to attract foreign investments, crucial for stabilizing the country's economy post-2023 financial crisis. With crypto trading growing among its 230-million population, Pakistan seeks to become a regional hub for Web3, digital finance, and blockchain-driven growth.

Binance's former chief has to stay in the US until February sentencing

Livemint

Livemint · 1y ago

Binance's former chief has to stay in the US until February sentencing

Former Binance chief Changpeng Zhao has been ordered by a U.S. District Judge to remain in the continental United States until his sentencing in February for violating U.S. anti-money laundering laws. Zhao and Binance Holdings recently pleaded guilty to breaking U.S. anti-money laundering and sanctions laws, with Binance agreeing to pay over $4.3 billion. Zhao, who faces a maximum prison sentence of 18 months, had requested to return to the UAE, where he has been living, but the court ruled that he must stay in the U.S. due to flight risk concerns.

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