Richard Teng, the CEO of Binance, said that after the U.S. Justice Department fined the organization $4.3 billion, the company has gone past cultural concerns. Teng notes the recent steps taken by the cryptocurrencycurrency exchange in the direction of compliance and environmental sustainability, while also acknowledging the indictment against Binance for previous behavior.
The agreement, negotiated in November, stipulates that $2.5 billion in fines and $1.77 billion in costs must be paid.CZ was facing charges of violating the Bank Secrecy Act and was forced to step down from the company. Plea agreements involving cryptocurrencycurrency exchanges ended a months-long investigation.
Cultural Shift Towards Compliance
Speaking at the Paris Blockchain Week summit, Teng emphasized Binance’s dedication to compliance, which is demonstrated by the selection of the company’s inaugural board of directors. The board, which is mostly made up of company insiders, seeks to resolve regulatory issues and lead Binance toward a more sustainable future.
Options For Global Headquarters
Teng said that the choice over Binance’s worldwide headquarters is still up for debate, taking operational needs and legal frameworks into account. Teng emphasized the significance of a careful selection process, even in light of earlier recommendations that Paris might be a suitable location.
