Richard Teng, the new CEO of Binance, said in an interview that Binance's explosive growth led to compliance failures. He said: "There were gaps in compliance when we established the company in the early days. This led to all these violations and mistakes, but these are all historical issues." Teng insisted that the company always ensures the integrity and security of its users' funds and is "sacrosanct."

Richard Teng also stated that from now on, Binance will focus heavily on compliance, and the company has "invested heavily" in this area, pointing out that key personnel in its compliance team have backgrounds in regulatory agencies such as the US Securities and Exchange Commission and traditional financial institutions such as Morgan Stanley and Barclays.