Binance's New CEO's First Letter: Stronger Than Ever Today.

Jafar224

November 27, Binance's new CEO Richard Teng published his first public letter on the official Binance blog. In the letter, he stated that his responsibility is to lead Binance's talented and dedicated team into the future while respecting the past and summarizing experiences.

Richard Teng mentioned that "user-first" is in Binance's DNA. Binance not only operates the world's largest cryptocurrency trading platform in terms of trading volume but also has no debt in its capital structure. Despite charging users very low transaction fees, Binance still generates significant revenue and profits, keeping expenditures within a reasonable range.

Furthermore, Binance has consistently upheld its responsibility as a custodian, providing 1:1 fund support for each user's assets. Finally, Richard Teng expressed a firm commitment to blockchain principles, such as advocating for inclusive finance and reducing the cost of cross-border remittances.

To this end, he is determined to promote the growth and application of Web3, continuing efforts to build an ecosystem that provides revolutionary financial technology.

Binance's new CEO: Will adopt a traditional corporate structure, with related disclosures having a "robust timetable"

On November 27, according to Fortune magazine, Binance's new CEO, Richard Teng, stated in an interview that Binance is transitioning from a non-conforming tech startup to a traditional financial company. Teng mentioned that one of his main goals is to help the cryptocurrency industry adopt unified global rules, similar to the rules long enjoyed by the banking industry.

When asked if Binance would adopt a traditional corporate structure under his leadership, Teng gave an affirmative answer. Teng stated, "Once the corporate structure is thoroughly reformed, financial data will be disclosed. As an organization, we are committed to transparency." When asked when Binance could disclose its board composition and release financial statements like its competitor Coinbase, Teng refused to provide specific details but indicated that he has a "robust timetable."

Samiksha

I only use Binance for exchanges; it needs to be stable.

Ritu13

If the SEC doesn't let you off, you won't become powerful.

Yamini003

It's best if there can be more strength.