Binance CEO Richard Teng recently addressed the company’s progress towards greater maturity in the wake of various challenges.
Speaking at Paris Blockchain Week, Teng highlighted how Binance has navigated cultural obstacles, particularly in the aftermath of a significant $4.3 billion fine imposed by the U.S. Department of Justice.
In response to inquiries about Binance’s decision to predominantly appoint internal personnel to its board of directors, Teng emphasized the importance of securing uniquely qualified individuals to steer the company’s operations effectively.
Teng emphasized that the current composition of the board is dedicated to implementing strategic technological advancements and product improvements, essential for fostering a robust and sustainable business model.
Following the departure of founder Changpeng Zhao, who stepped down amidst negotiations with U.S. authorities, Teng assumed the role of CEO on November 21, 2023.
Under his leadership, Binance pledged to undergo significant transformation, including the adoption of a more conventional corporate framework characterized by the presence of a board of directors, establishment of a headquarters, and commitment to financial transparency.
