Richard Teng, CEO of the world’s largest cryptocurrency exchange, Binance, believes the trading giant is past the cultural issues after it settled criminal charges from the United States Department of Justice (DOJ) with a $4.3 billion fine.
During an interview with CNBC, Teng said Binance had moved past the early stage of its development, where there were no clear rules, and it had to operate in a certain way to stay relevant.
Binance Has Moved Past Cultural Issues
In November 2023, the DOJ unsealed a criminal indictment against Binance, accusing the firm of willfully floundering the Bank Secrecy Act and failing to implement a strong anti-money laundering program to prevent the platform from becoming a hub of illicit activities.
The exchange’s founder, Changpeng Zhao, agreed to step down as CEO and was ordered to pay a penalty of $50 million, while Binance settled its charges with a $4.3 billion fine. During the fiasco, Teng, who was the global head of Regional Markets at the time,
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