<\/p>\n
The new Binance chief executive maintains that the embattled exchange\u2019s business fundamentals remain \u201cvery strong\u201d despite recent regulatory headwinds.<\/p>\n
Richard Teng, who previously worked as Binance\u2019s head of regional markets, was promoted to the CEO position earlier this week after the company\u2019s previous chief executive, Changpeng Zhao, resigned.<\/p>\n
Zhao stepped down after agreeing to plead guilty<\/a> to violating US federal law that requires financial institutions to guard against money laundering and terrorist financing.<\/p>\n The U.S. Department of Justice also slapped Binance with $4.3 billion worth of penalties and forfeiture after the exchange agreed to plead guilty to violating the Bank Secrecy Act and the International Emergency Economic Powers Act, as well as failing to register as a money-transmitting business.<\/p>\n Teng, however, maintains<\/a> that Binance\u2019s business will continue to thrive.<\/p>\n \u201cBinance continues to operate the world\u2019s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.\u201d<\/em><\/p>\n Conor Grogan, Coinbase\u2019s product strategy and business operations director, says<\/a> he deduced Binance Corporate\u2019s crypto holdings from their proof of reserves, noting that they consist of $6.35 billion in total assets, including $3.19 billion in stablecoins.<\/p>\n Grogan notes that number doesn\u2019t include off-chain cash balances or funds held in wallets not in the exchange\u2019s proof of reserves.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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