The Challenge of Leadership in the Crypto World
Richard Teng, the new CEO of Binance, has a vital additional role: to establish a new model of business leadership for the crypto world, according to a report by EL PAÍS. Teng faces the challenge of shedding the messianic style prevalent among the major players in the crypto industry. He compliments the previous CEO, Changpeng Zhao, for his inspirational leadership but emphasizes his own different approach.
Building Trust in the Industry
Teng highlights the importance of the company’s staff and his experience in the regulatory sector. He recognizes the need for a different narrative in light of the changing landscape and incidents that have affected the sector. Regarding Binance’s compliance issues in the early days, Teng acknowledges the mistakes and avows their resolution. He distances Binance from cases of fraud and assures users that their investments are secure and can be withdrawn at any time. Despite the initial outflow of funds, there has been a significant influx of investments, demonstrating the growing trust in the platform.
A Global Company
Teng shares Zhao’s approach of not revealing the location of Binance’s global headquarters. He emphasizes the company’s global presence and deployment, with regional headquarters in France and Dubai. When ready, Binance will make the announcement regarding its global headquarters. This strategy allows flexibility and adaptability in a rapidly evolving industry.
Spot Bitcoin ETF Updates
Several companies seeking to launch Bitcoin exchange-traded funds (ETFs) have filed updates to their applications, disclosing key details. In updated filings, Invesco/Galaxy and Fidelity provided information on the fees they will charge investors. Invesco/Galaxy will waive fees for the first six months and for the first $5 billion in assets, then implementing a 0.59% fee. Fidelity’s fee will be 0.39%. Additionally, various companies, including WisdomTree, Valkyrie, and BlackRock, listed their authorized participants for the ETFs.
CleanSpark’s In-House Trading Desk
CleanSpark, a US Bitcoin mining company, plans to launch an in-house trading desk in 2024 to optimize returns from its crypto holdings. CEO Zachary Bradford believes that managing trading internally is financially advantageous, especially considering their large Bitcoin balance. He predicts that other miners will follow suit in establishing their own trading desks to closely monitor and manage their risk profiles. CleanSpark will develop strategies based on regulated crypto offerings, such as option contracts traded on the Chicago Mercantile Exchange. The company plans to keep its cold storage custody with trusted holders like Coinbase.
