The new head of the world’s largest cryptocurrency exchange, Binance, announced the company’s transformation. An “unmanaged” startup will become a traditional financial institution, said Richard Teng. This will be beneficial in the long run, he said.
Binance’s new CEO, Richard Teng, announced that the structure of the crypto exchange business is undergoing a transformation. This was reported by Fortune.
According to Teng, Binance will transition from an unmanaged startup to a traditional financial institution. It will have a board of directors, a physical address and financial activities will be transparent. Teng said the company will benefit from this in the long term.
The CEO of Binance highlighted the strength of the company’s business, as it operates without debt and generates high revenues and profits.
On November 22, Binance founder Changpeng Zhao stepped down as CEO as part of a settlement with US authorities. Prior to this event, the Securities and Exchange Commission (SEC) filed 13 charges against Binance and its founder, including money laundering.
Binance admitted its guilt and must pay a fine of $4.3 billion. In the midst of this news, crypto investors withdrew $956 million from the Binance exchange in just one day, November 23.
Author:
Kirill Bilyk
Source: RB
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