Richard Teng, the recently appointed CEO of Binance, faced a challenging debut during his first public interview. In an interview at the Financial Times’ Crypto and Digital Assets Summit in London, Teng acknowledged the inadequacy of Binance’s compliance systems in the past, admitting to mistakes.
However, Teng, who has held senior positions at Binance for several years, avoided giving direct answers about the company’s governance. The interview, conducted remotely via video, took a frustrating turn as Teng evaded straightforward questions posed by moderator Scott Chipolina, The Financial Times’ digital assets correspondent.
Teng’s Evasive Responses
- Chipolina repeatedly asked about Binance’s global headquarters, the possibility of an audit, the number of employees, and the company’s application for a license in the UK.
- Teng seemed unwilling to provide clear answers, frustrating Chipolina.
- Teng insisted that he had answered each question, even though his responses lacked clarity.
“It is under consideration,” Teng responded when asked about Binance’s headquarters.
Even when questioned about the future of Binance and the changes the company would undergo under new leadership, Teng remained vague. He stated that “a lot of things will change” before shifting the discussion towards the industry landscape.
Teng Takes the CEO Position
Teng assumed the position of CEO a few weeks ago, succeeding Changpeng “CZ” Zhao following the settlement with the U.S. Department of Justice. The exchange had been accused of violating sanctions and money-transmitting laws.
In his interview, Teng admitted to mistakes and emphasized the need for improved compliance control given Binance’s size. He mentioned that going forward, the exchange aims to be both “user-led” and “compliance-led.”
When asked about the possibility of an audit, Teng claimed that as a private company not raising funds publicly, Binance is not obligated to disclose such information. Although he acknowledged the auditors possess the necessary details, he avoided naming a specific auditor.
Teng’s comments on Binance’s financial stability come in response to a statement by Connor Lango, director of business development at Coinbase. Lango suggested that Binance will be able to pay the $4.3 billion fine imposed by the US Justice Department without needing to sell any cryptocurrencies.
