According to Fortune magazine on November 27, Richard Teng, the new CEO of Binance, stated in an interview that Binance is shifting from a non-compliant tech startup to a traditional financial company. Teng said that one of his main goals is to help the cryptocurrency industry adopt unified global rules, just like the rules that the banking industry has enjoyed for a long time.
When asked if Binance will adopt a traditional corporate structure under his leadership, Teng gave a positive response. Teng said, "Once the corporate structure is thoroughly reformed, financial data will be made public. As an organization, we are committed to transparency." When asked when Binance will be able to disclose its board of directors and financial statements like its competitor Coinbase, Teng refused to provide specific details but said he has a "robust timeline."
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