In March this year, U.S regulators sought to ban Binance, alleging it had been operating in the country illegally. By November, the exchange pleaded guilty to U.S criminal charges of breaking sanctions and money-transmitting laws, agreeing to pay a $4.3 billion fine. Zhao himself pleaded guilty, agreeing to pay $50m and step down as CEO. Teng’s elevation left the crypto world in shock.
Source: https://www.coindesk.com/consensus-magazine/2023/12/04/richard-teng-steering-binance-in-a-new-era-of-compliance/?utm_medium=referral&utm_source=rss&utm_campaign=headlines