Richard Teng, CEO of cryptocurrency exchange Binance, said the company has overcome cultural challenges after experiencing several challenges.
Speaking at Paris Blockchain Week, Teng said Binance overcame cultural challenges after being fined $4.3 billion to settle charges from the U.S. Department of Justice, according to CNBC.
“As the company became more mature, we moved past that. (…) We are looking at sustainability. “The direction toward significantly greater compliance is clear, so we are building a robust compliance program.”
Binance CEO Richard Teng
When asked about Binance’s decision to appoint most of the company’s insiders to its board of directors, Teng said it was important to ensure that the talent driving Binance’s business was “unique” to meet the company’s needs.
“There is a good mix of internal and external input on how to move this company forward as a corporate manager.”
Binance CEO Richard Teng
Teng said the current board composition is focused on creating appropriate technology and product improvements to move towards a robust and sustainable business.
On November 21, 2023, Teng took over as CEO of Binance following the departure of founder Changpeng Zhao, who left the position as part of a deal with the U.S. Department of Justice. The platform also agreed to pay a $4.3 billion fine.
The new CEO promised to transform the cryptocurrency exchange and implement a traditional corporate structure. Teng said the latter is premised on board, head office and financial transparency.