The chief executive of Binance shared the future direction and areas of focus of the company after its settlement with authorities in the United States, including the Department of Justice (DOJ).
He stated that the company had reached greater maturity due to which they had moved past their problems and were now focused on ‘sustainability’.
The statement
Richard Teng is the new CEO of Binance and talked about the plans of the company going forward, following the settlement of the crypto exchange with US authorities.
Teng also addressed the concerns regarding the past practices of the company and claimed that the allegations made against it were about its activities in its ‘early stages of development’.
He stated that during such a period, there is a lack of clarity and rules are nascent. According to him, the company is now mature and sustainability is the priority.
He also added that their goal was to move towards compliance due to which they were working on developing a robust compliance program.
Last year in November, Binance and the US authorities had settled worth $4.3 billion in a long-running investigation into the exchange.
The aftermath
The crypto exchange agreed to pay a fine of $1.8 billion and a forfeiture of $2.5 billion. Charges were also filed against former CEO Changpeng Zhao for violation of the Bank Secrecy Act.
He stepped down from his position and is now awaiting sentencing. Binance had also been accused by US officials of facilitating transactions that violated US sanctions.
Binance recently established its first board of directors, which also prompted criticism because it includes mostly company insiders and a handful of non-executive members.
The decision was defended by Teng and he emphasized the need for having a board with an in-depth understanding of the company’s unique business model.
The CEO claimed that it was a good combination of internal and external inputs and would help in taking the company forward.
More details
Furthermore, Binance has still not decided where to establish its official global headquarters. The CEO confirmed that they were contemplating a few options.
However, he highlighted that selecting the right one was a deliberate process. He noted that it was not an easy decision.
This is because they need to find a jurisdiction with a regulatory framework that can cater to its suite of products services and users.
Paris had been mentioned previously as a location for the company’s global headquarters. The Binance CEO said that there had been various considerations that had to be taken seriously.
He also stated that the process was a deliberate one because they wanted to choose corporate headquarters similar to other corporate institutions.
Therefore, he asserted that this journey would take some time. Other than the US, Binance has also had to face legal issues in other jurisdictions.