spot_imgspot_imgspot_img

Bitcoin Exchange Binance’s New CEO Teng Makes Statement on the Exchange’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 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

Richard-Teng-Binance

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.

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.

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Financial Advisory Firm Carson Group Approves 4 Spot Bitcoin ETF Products!

Financial advisory platform Carson Group has made four spot Bitcoin ETF products accessible to its clients.

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

Financial Advisory Firm Carson Group Approves 4 Spot Bitcoin ETF Products!

Financial advisory platform Carson Group has made four spot Bitcoin ETF products accessible to its clients.

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.