Binance’s New CEO Richard Teng Makes His First Statement on the Recent Surge in Bitcoin

Richard Teng, who took office when Binance’s founder and legendary CEO Changpeng Zhao had to resign as CEO after the agreement with the USA, made his first comments after the last impressive rally in Bitcoin.

New CEO Teng, who has remained silent about the situation of the markets so far, said in his statement on X that “the market is starting to warm up” after the rises.

However, according to Teng, it is still very difficult to change prejudices about the benefits of the cryptocurrency industry. According to the CEO, the lives of many people who in the past could not enter the investment sector due to the high costs of financial services have benefited greatly from cryptocurrencies.

Teng gave the message “keep improving”.

In addition, Teng also made a virtual appearance at a London-based conference today.

Teng said Binance’s legal compliance systems have been inadequate and mistakes have been made in the past. However, Teng, who has held senior positions at Binance for several years, refused to answer about the company’s management.

Teng began his interview with what appeared to be a pre-written statement, saying that “mistakes were made” and that the compliance control Binance had was “inadequate” for its size. Going forward, the exchange wants to be a “user-led” and “compliance-led” organization, Teng said.

When asked if the exchange would undergo an audit soon, he stated that Binance “does not have to disclose these facts” because it is a private company and does not raise funds publicly, but its auditors have this information.

*This is not investment advice.