Binance CEO Richard Teng Discloses Comprehensive Plan For Crypto Exchange

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Binance CEO Discloses Key Details on Crypto Exchange’s Headquarters – Crypto News

Published

1 year ago

April 9, 2024

Dripp

The world’s largest crypto exchange Binance is in talks with several jurisdictions for considering its headquarters, disclosed Binance CEO Richard Teng at the Paris Blockchain Week. Regulators and courts have raised concerns over the lack of headquarters for the crypto exchanges despite handling significant trading volumes.

Binance to Announce Headquarters Soon, Says CEO Richard Teng

During the Paris Blockchain Week, Binance CEO Richard Teng said the crypto exchange is carefully considering headquarters and in constructive discussions in many countries. The company has not yet made any decision but an official announcement on its headquarters will be out as soon as the decision is final.

“Our commitment extends beyond mere compliance; we aspire to elevate our standards, showcasing a demonstrable willingness to adhere to all regulations. A robust program instills confidence in our users,” said Richard Teng.

Binance continued to work extensively with regulators around the globe, but concerns over a lack of headquarters were pointed out several times due to risks to investors. Former Binance CEO Changpeng Zhao believed the exchange didn’t need a headquarters.

The U.S. SEC also challenged Binance and CZ for not having or hiding the location of its headquarters, in the lawsuit against Binance, Binance.US, and Changpeng Zhao.

Richard Teng also avoided questions on stating the location of Binance’s headquarters. Some believe it’s either Malta or the UAE as CZ now lives in the crypto-friendly country. The former CEO is currently staying in the continental U.S. amid a DOJ money laundering lawsuit.

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Richard Teng on Meme Coins Listing and Exec Detained in Nigeria

In response to listing meme coins by the crypto exchange amid frenzy, Richard Teng said Binance actually does a lot of due diligence on meme coins before listing them and makes enough efforts to minimize the risks.

Binance has listed a lot of new Solana-based meme coins recently, sparking a meme coin mania. Investor sentiment has shifted to meme coins for quick profit similar to whales.

Regarding the Binance executive Tigran Gambaryan detained in Nigeria, Teng said they are actively working with the Nigerian government to release the executive. Gambaryan pleaded not guilty in the Nigerian money laundering case while adamantly maintaining his innocence.

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