Richard Teng, who took over as Binance’s CEO in 2023, has stated that the company does not plan to pursue an initial public offering (IPO) as he lays out a long-term vision for the exchange. Teng succeeded Changpeng “CZ” Zhao, who stepped down after a major settlement with US authorities.
Under Teng’s leadership, Binance is transitioning from a founder-led structure to one managed by its board. His priorities include establishing a permanent headquarters, a goal that has long eluded the company.
Despite rising cryptocurrency prices and growing interest from traditional finance, Teng emphasized that Binance is in a strong financial position and does not need to consider an IPO or additional fundraising. He highlighted that the exchange has been profitable since its early days and is cautious with its expenditure.
Teng’s approach reflects a shift towards enhanced transparency and regulatory compliance. He noted that Binance’s compliance budget increased by 36% last year and emphasized the importance of building sustainable, long-term operations. Teng envisions Binance thriving for the next 50 to 100 years.
The new CEO has made it clear that he does not engage with Zhao, who is legally barred from participating in the company’s operations as part of the US settlement. However, Zhao’s wife, Ye Hi, remains involved in managing Binance’s human resources.
Regarding potential fundraising to reduce Zhao’s stake, Teng left the decision to the board and downplayed any impact Zhao’s legal issues might have on Binance’s regulatory standing. He pointed to recent regulatory approvals and agreements in various countries as proof of Binance’s ongoing efforts to address regulatory challenges.
Teng also emphasized that Binance’s strategic focus remains on international markets, rather than the US, and dismissed concerns about the US presidential election influencing the company’s operations.
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