Binance’s head of regional markets, Richard Teng, insists the global cryptocurrency exchange is financially safe and in no way comparable to the failed FTX, despite recent regulatory scrutiny and regional issues.
In an exclusive interview with the magazine’s editor Andrew Fenton in Singapore ahead of the Token2049 2023 conference, Teng touched on a number of different challenges facing Binance’s regional branches and denied rumors that he was preparing to take the reins of founder Changpeng. CZ” Zhao in the future.
Although Teng has faced many problems in the past two years, Binance managed to solve these on a case-by-case basisremaining financially sound and able to process customer withdrawals.
I saw some discussions in society. When you do the right thing and FUD is involved, you don’t need to intervene. Society defends you.
Let me summarize. Lots of negative news/rumors, bank runs, lawsuits, fiat closures, product closures, employee turnover, exit markets, etc. happened.
Guess what we don’t have?
There is no liquidity problem. All withdrawals (and deposits) are processed correctly. All customer funds are #SAFU and 100% guaranteed.
Additionally, there are cases won, managing bank transactions and then recording deposits, new fiat channels, regular closure of old products and launch of new products, new hires, new markets.
Binance also probably has the lowest founding team turnover of any tech startup of our size and age in the world.
I saw some discussions in society. When you do the right thing and FUD is involved, you don’t need to do anything. Society defends you.
Let me summarize. Lots of negative news/rumors, bank attacks, lawsuits, closure of fiat money channels, suspension of product sales, etc. happened.
— CZ Binance (@cz_binance) September 7, 2023
Commenting on a recent social media post highlighted by CZ “Negative news/rumors, bank runs, lawsuits, closure of fiat channels, product closures, employee turnover”Teng argued that comparisons with the FTX failure were unwarranted:
“After FTX, there were a lot of rumors and FUD. People tried to associate us with it, which is completely false. Our assets are backed on a one-to-one basis.”
He also touched upon recent special news. Cointelegraph reveals top executives leaving Binance, others relationship About the company’s ties with Russian banks. Teng said the stock market’s spectacular growth over six years has kept it in the spotlight.
“All of this scrutiny will come from the biggest – scrutiny from regulators, scrutiny from the media – and we welcome the scrutiny.”
Teng said that Binance has not yet made a decision regarding its franchise serving the Russian market, but the company will continue to grow. Complying with international norms and standards regarding institutions and individuals subject to sanctions:
“Regarding our plans for Russia, we have made it clear over the last few weeks that all options are on the table. We continue to explore what we need to do for that subsidiary in the future.”
Meanwhile, the growth of regulatory frameworks in various regions has also been welcomed by the global stock market. Teng said that the European Union’s regulations on crypto asset markets (Negative) could be useful for global stock markets, Creating standard rules for the industry:
“This unequal treatment makes life very difficult for global platforms like us. We need to understand how different the rules and regulations are in terms of local application. So we hope for harmonization of standards.”
Teng said MiCA represented “a step in the right direction” to provide the 23 EU member states with a consistent set of standards, which could lead to broader convergence of global regulatory rules for the sector.
Translation by Walter Rizzo