Richard Teng, the new CEO of Binance, faces the challenge of mollifying users, placating regulators, and keeping the founder onside after the company pleaded guilty to US anti-money laundering and sanctions violations. Binance will pay $4.3 billion in penalties, while the founder will pay a $50 million fine. This is a significant blow to the crypto exchange and puts Teng in a difficult position.
Mollify 150 million potentially jittery users, placate belligerent US regulators and keep high-profile founder Changpeng Zhao onside. These are just some of the tasks for crypto exchange Binance ’s new head Richard Teng . Teng, 53, succeeded Zhao as the chief executive of the world’s largest crypto exchange after the company and Zhao pleaded guilty to US anti-money laundering and sanctions violations .
Zhao, Binance’s founder, stepped down as CEO as part of a sweeping deal to resolve the Department of Justice probe. Binance will pay $4.3 billion (R80.78 billion) in penalties — one of the largest such agreements in US history — while Zhao will pay a $50 million (R939.29 million) fine.Taken together, the events are a breathtaking rebuke of crypto’s linchpin exchange and land Teng with arguably the hardest job in the digital-asset secto
Binance CEO Richard Teng Guilty Plea Anti-Money Laundering Sanctions Violations Penalties Fine Crypto Exchange
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