Richard Teng, the new CEO of Binance, responded to community members' concerns about whether Binance can afford the penalties in the settlement agreement, stating, "Binance's financial situation is very good, and our business foundation is very solid. We have been profitable almost from day one and have remained profitable since then.In terms of trading volume, we are still the largest cryptocurrency exchange in the world. US regulators have not claimed that Binance has misappropriated any user funds. User funds are supported 1:1, and users can choose to withdraw 100% of their funds at any time. Binance has more registered users than ever before, currently reaching 166 million.These fines are not a problem. We will continue to move forward, our expenses are reasonable, but our profits and revenue are strong."

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, the newly appointed CEO of Binance, is excited to lead the world's largest cryptocurrency exchange despite the recent $4.3 billion settlement with the US Justice Department. Teng admits that compliance gaps during Binance's early growth led to the violations resulting in the settlement, but assures that user funds, security, and safety have always been a top priority. Binance is now focused on compliance and has invested in hiring regulatory experts to navigate requirements in different jurisdictions. Binance has also established regional headquarters in the UAE and France, with the UAE being an attractive location due to its clear regulations and institutional adoption.

Richard Teng, the new CEO of Binance, posted on social media that he was asked by attendees to take a photo of his hand making the gesture for "4" during a recent AMA event. However, Richard Teng stated that he needed to have something of his own, so he took a photo of his hand making the gesture for "3", representing the three commitments he will make as the CEO of Binance: 1. Always putting users first; 2. Cooperating with regulatory agencies to maintain standards; 3. Working with partners to develop Web3. Richard Teng also added that the "3" gesture actually represents W (win), V (victory), and L (love).

Binance's newly appointed CEO, Richard Teng, has released his first official statement following the company's settlement with the US Department of Justice. Teng expressed optimism, stating that Binance is stronger than ever and has worked to address past compliance issues. Founder and former CEO Changpeng Zhao has stepped down from his role and is forbidden from serving as an executive for the company for three years, while Binance will pay $4.3 billion in fines and settlements and withdraw from the United States. Teng has committed to leading the team into the future while respecting and learning from the past.

Sun Yuchen reposted a statement from Richard Teng, the new CEO of Binance, on social media and said, "Congratulations to Richard on becoming the new CEO of Binance. I believe that under your leadership, Binance will enter a new chapter and achieve new success. We are also willing to continue to strengthen cooperation with Binance to promote development and innovation together."

Binance's new CEO Richard Teng stated on X platform that his three main focuses for future work are: 1) to reassure users that they can have confidence in the company's financial strength, security, and protection; 2) to collaborate with regulatory agencies to maintain high standards globally, promote innovation, and provide important consumer protection; 3) to work with partners to promote the growth and adoption of Web3.As introduced in a Binance blog post, Richard Teng has over thirty years of experience in financial services and regulation. He joined Binance in August 2021 as CEO of Binance Singapore, and shortly after became the head of regional markets at Binance, responsible for the Middle East and North Africa, Europe, and ultimately all regions outside of the United States. Prior to joining Binance, Richard served as CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority and as Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore.

Richard Teng, the new CEO of Binance, stated on X platform that the former CEO Zhao Changpeng is still a major shareholder of Binance. Binance is stronger than ever before and hopes to work with partners to promote growth and adopt Web3.

Citing sources from Forbes, Richard Teng, the head of Binance's regional markets, may replace CEO Zhao Changpeng. However, negotiations are still ongoing and the situation may change. Teng previously oversaw the company's operations in Europe and Asia. According to sources, Binance is also preparing to announce the members of a new board of directors, which will oversee the company's management and hire a US-based third-party regulatory agency as part of its trading.