July 21, 2024
Binance's Richard Teng Clarifies FTX Comparisons
Latest Cryptocurrency News

Binance’s Richard Teng Sets the Record Straight on FTX Comparisons

Binance’s regional markets head, Richard Teng, has emphasized the financial stability of the global cryptocurrency exchange and rejected any comparison to the troubled peer FTX, despite recent regulatory scrutiny and challenges in various regions.

In an exclusive interview with magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng addressed the numerous challenges faced by Binance’s regional branches. He also sought to downplay speculations about his potential succession to founder Changpeng CZ Zhao in the future. Teng pointed out that while Binance has encountered various issues in recent years, the company has successfully addressed these challenges on a case-by-case basis, maintaining its financial robustness and the ability to facilitate customer withdrawals.

Regarding a recent social media post by CZ, which highlighted concerns such as “negative news/rumors, bank runs, lawsuits, the closing of fiat channels, product wind-downs, and employee turnover,” Teng rejected comparisons to the struggles faced by FTX, stating that there were different rumors and FUD after FTX. People tried to associate us, which is totally untrue. Our assets are backed one-to-one.

Teng clarified that Binance has not yet made a decision regarding its Russian market franchise but emphasized the company’s commitment to adhering to international norms and standards concerning sanctioned entities and individuals, saying, “On our plans for Russia, we have stated very clearly in the last couple of weeks that all options are on the table. We continue to explore what we need to do for that particular franchise going forward.”

In addition to addressing its regional challenges, Binance welcomes the maturing regulatory frameworks in various jurisdictions. Teng acknowledged that the European Union’s Markets in Crypto-Assets (MiCA) regulation could have a positive impact on exchanges worldwide by establishing standardized rules for the industry. He described MiCA as a “step in the right direction,” as it provides consistent standards for the 23 EU member states, potentially leading to greater alignment of global regulatory guidelines within the cryptocurrency industry.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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