Richard Teng, who took over as CEO of Binance following a major regulatory shakeup, has outlined his vision for the crypto exchange’s future. In a recent interview, Teng emphasized building a sustainable enterprise with a 100-year horizon, dismissing any immediate plans for an IPO.
Teng highlighted Binance’s strong financial position, making fundraising unnecessary. Instead, his focus lies in transforming the company into a board-driven organization and securing a permanent headquarters. While the exchange previously maintained a somewhat opaque operational structure, Teng aims for increased transparency to foster better relationships with global regulators.
Despite ongoing challenges, Teng downplayed the impact of former CEO Changpeng Zhao’s legal issues on regulatory interactions. He stressed the importance of addressing past mistakes, paying penalties, and charting a more compliant path forward. Binance is actively working with regulators worldwide, securing licenses and reaching settlements in various countries.
While the exchange is keen on expanding its global footprint, the U.S. market is currently off the table. Teng reiterated the focus on markets outside the U.S., even expressing indifference toward the potential impact of the upcoming presidential election on Binance’s operations.
