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Binance's new CEO faces challenges after company's guilty plea

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Cryptocurrency News

Binance,CEO,Richard Teng

Richard Teng, the new CEO of Binance, faces the challenge of mollifying users, placating regulators, and keeping the founder onside after the company pleaded guilty to US anti-money laundering and sanctions violations. Binance will pay $4.3 billion in penalties, while the founder will pay a $50 million fine. This is a significant blow to the crypto exchange and puts Teng in a difficult position.

Mollify 150 million potentially jittery users, placate belligerent US regulators and keep high-profile founder Changpeng Zhao onside. These are just some of the tasks for crypto exchange Binance’s new head Richard Teng. Teng, 53, succeeded Zhao as the chief executive of the world’s largest crypto exchange after the company and Zhao pleaded guilty to US anti-money laundering and sanctions violations.

Zhao, Binance’s founder, stepped down as CEO as part of a sweeping deal to resolve the Department of Justice probe. Binance will pay $4.3 billion (R80.78 billion) in penalties — one of the largest such agreements in US history — while Zhao will pay a $50 million (R939.29 million) fine.Taken together, the events are a breathtaking rebuke of crypto’s linchpin exchange and land Teng with arguably the hardest job in the digital-asset secto

 

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