Binance’s new CEO, Richard Teng, indicated that the company has addressed past cultural issues following a $4.3 billion fine from the U.S. Justice Department. The DOJ had accused Binance of adopting a “move first, ask forgiveness later” approach, which Teng acknowledged at the Paris Blockchain Week conference. Teng stated that Binance has evolved into a more regulatory compliant and sustainable company.
The $4.3 billion settlement in November included a forfeiture of $2.5 billion and a $1.8 billion fine. Former CEO Changpeng Zhao pleaded guilty to violating the Bank Secrecy Act and stepped down as part of the settlement. The plea deals concluded a lengthy investigation into the cryptocurrency exchange. The DOJ highlighted instances where Binance facilitated transactions involving U.S. users and countries under U.S. sanctions, attributing these actions to Zhao’s prioritization of Binance’s growth over compliance with U.S. law.
Please note that this is a developing news story and will be updated accordingly.
Binance’s new CEO, Richard Teng, spoke at the Paris Blockchain Week summit in Paris, France, addressing the $4.3 billion fine that the company had to settle with the U.S. Justice Department. The DOJ had alleged that Binance had a “move first, ask forgiveness later” approach, a culture that Teng acknowledged. However, he mentioned that the company has moved past these cultural issues and is now focused on regulatory maturity and sustainability. In November, Binance agreed to pay a $4.3 billion settlement, with former CEO Changpeng Zhao stepping down after being charged with violating the Bank Secrecy Act. The plea deals marked the end of a years-long investigation into the crypto exchange. The DOJ accused Binance of prioritizing growth over compliance with U.S. law, leading to illegal transactions between U.S. users and users in jurisdictions under U.S. sanctions. Teng’s remarks at the summit emphasized the company’s commitment to regulatory compliance and moving forward in a responsible manner.
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