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- Binance’s new CEO, Richard Teng, reiterated his confidence in the financial health of the exchange despite the $4.3 billion significant fine imposed by U.S. authorities.
- In a note sent to customers on November 22, Binance stated that U.S. regulators did not accuse the exchange of embezzling customer funds or manipulating prices.
- Binance also emphasized that, despite resolving U.S. investigations, they will remain committed to core values around customer asset security.
Richard Teng, the new CEO of Binance, clarified the financial situation of the exchange: Can the exchange pay the fine?
Richard Teng Discloses Binance’s Financial Situation
Binance’s new CEO, Richard Teng, reiterated his confidence in the financial health of the exchange despite the $4.3 billion significant fine imposed by U.S. authorities. In response to comments praising Binance’s latest reserve evidence by Coinbase executive Conor Grogan on November 22, Teng stated that the platform’s fundamentals are strong in terms of trading volume, expenses, revenues, and profits.
Grogan observed that Binance has a large reserve of crypto assets, and in addition to the confirmed $6.35 billion in the reserve report, additional undisclosed cash and wallet balances further strengthen their assets.
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The Coinbase director stated that the DOJ’s fine is significant, but believed that deferred payment options of around 15 months and the exchange’s capital could absorb the penalty without liquidating positions or affecting user assets.
In a note sent to customers on November 22, Binance stated that U.S. regulators did not accuse the exchange of embezzling customer funds or manipulating prices. However, as the exchange “turns a new page,” founder Changpeng Zhao stepped down as CEO but continues to control the majority as an indirect shareholder. Richard Teng, former Global Regional Markets President, takes over from Zhao.
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Binance remains committed to asset security
Binance also emphasized that, despite resolving U.S. investigations, they will remain committed to core values around customer asset security. Supporters believe that the firm, financially sound according to a series of audits, can sustain its operational viability without further legal disruptions.
Changpeng Zhao resigned from his position on November 21 and was found guilty of violating U.S. anti-money laundering laws. As part of a $4.3 billion deal, Zhao also agreed to pay $50 million. Following this news, Bitcoin prices retreated but continue their upward trend, as visible on the daily chart. The current resistance level is around $38,000.
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