Is Binance CEO Richard Teng Changing the Industry’s Messianic Narrative + More News
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Richard Teng, the new CEO of Binance, has a vital additional role: to establish a new model of business leadership for the crypto world, EL PAÍS argued.
Teng, it said, faces the challenge of “shedding the messianic style” prevalent among the major players in the crypto industry.
The new CEO has complimented the old one, Changpeng Zhao, telling EL PAÍS that Zhao “has been a very inspirational founder CEO. He has done a lot of things for the industry.”
However, Teng’s leadership style seems to be the opposite of Zhao’s. In the interview, he made constant references to the staff that assists in maintaining the company and his experience in the regulatory sector, signaling that “the narrative will not be the same,” the report said.
“The landscape has changed drastically, but users trust us,” Teng told EL PAÍS, referencing a string of incidents hitting the sector. One of the latest was Binance’s own battle with regulators globally and in the US.
“We made mistakes. In terms of compliance, control in those early days [2017] was still inadequate in some areas. As part of the resolution, we acknowledge those mistakes, and we are moving past them,” Teng said.
He made sure to distance Binance from cases like FTX or LUNA, saying that the US regulators found no instances of fraud in the use of Binance’s clients’ assets. Also, users were able to withdraw their investments from the platform at any time.
“For the first few days, there was a net outflow of funds from the Binance platform. However, that has changed: we have seen very robust inflows, and our user base continues to
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