Richard Teng, the new CEO of Binance, has inherited a new motto for the world’s most popular crypto-exchange, which is to become the “most globally regulated” as well.
Summary
Binance CEO and the regulation of global crypto-exchanges
Since November 21, 2023, the famous crypto-exchange Binance has seen the entrance of the new CEO of the global crypto company: Richard Teng.
This decision came after Changpeng CZ Zhao pleaded guilty to the charges brought against him by the US Department of Justice (DoJ), resigning from his position.
Along with this epochal change, the crypto-exchange has also been subjected to a $4.3 billion fine by US authorities, as part of a proposed resolution to a years-long investigation into the world’s largest cryptocurrency exchange.
In this regard, Richard Teng commented:
“Fines in the financial sector are not rare. If you do a Google search for the list of fines paid by financial institutions, the list approaches $90 billion in fines.”
However, now with him at the helm of Binance, it seems that the compliance gaps of the crypto-exchange are a thing of the past.
Teng’s new mission, in fact, is to make Binance, the most regulated crypto-exchange globally, since the crypto platform operates in 18 different jurisdictions.
Binance CEO and the regulation of crypto-exchange outside the USA
Leaving the United States, Binance has two regional offices: the United Arab Emirates (UAE) for operations in the MENA region, and France as its European base.
Between the two, it can be said that Teng is familiar with the first territory, since he previously lived in the UAE for nine years, working as CEO for the local regulatory authority Abu Dhabi Global Markets. In this role, Teng was redefining the framework for cryptocurrencies in the local ecosystem.
Taking this experience, and his recent introduction to his blog, it is clear that Teng may be able to shape a global regulatory framework that promotes innovation while protecting consumer interests.
In this regard, in his intense communication program AMA (Ask Me Anything), Teng has already responded with a tweet:
“On AMA I was asked to take 4 photos. I need something of my own, so I will take 3. It represents my 3 commitments as CEO of #Binance: 1) Always focus on the user; 2) Collaborate with regulatory authorities to maintain standards; 3) Collaborate with partners to grow Web3.”
The delisting of BUSD from Binance
While Teng shares his visions and missions for the global crypto platform, with a focus on global compliance, Binance has decided to delist BUSD, its “old stablecoin”.
Starting from December 15th, Binance will officially cease support for Binance USD (BUSD) and all its related products.
The advice to users of the largest crypto-exchange is to convert their BUSD into other assets before the date, particularly with the stablecoin FDUSD. This is because starting from December 31st, the platform will disable withdrawals in BUSD and automatically convert any remaining BUSD into FDUSD.
As is well known, the BUSD token was issued by Paxos under license but launched by Binance in 2019. Since February 2023, Paxos has had issues with the SEC and has stopped issuing new BUSD tokens. Subsequently, after the collapse of the circulating supply, Paxos and Binance have decided to close the BUSD project.
