In a recent interview with CoinDesk, Binance CEO Richard Teng provided an in-depth look into the strategic direction and future plans for Binance, one of the world’s largest cryptocurrency exchanges.
Teng began by discussing the significant changes in Binance’s organizational structure since he took over. The company has shifted from being a founder-led organization under CZ (Changpeng Zhao) to a board-led structure.
This change has brought about a more corporate governance style, with three independent directors on the board and a talented group of senior global executives managing day-to-day operations. This new structure aims to create a more sustainable and robust platform, capable of navigating the complexities of the global regulatory landscape.
One of the most critical areas of focus for Binance under Teng’s leadership is regulatory compliance. Teng emphasized Binance’s efforts to work closely with global regulators to advance the deployment of cryptocurrency and develop regulatory frameworks that manage risks while supporting innovation. He acknowledged the challenges Binance has faced in the past, including penalties for non-compliance, and expressed the company’s commitment to building a compliant and transparent platform.
Since the beginning of 2024, Binance has secured several additional licenses globally, bringing the total number to 19. Notably, Binance recently received approval from India’s Financial Intelligence Unit, marking its 19th global license. Earlier in the year, Binance also secured licenses in Dubai and Thailand, further expanding its global footprint.
Teng highlighted Binance’s substantial investment in compliance. In 2022, Binance spent $158 million on compliance, which increased to $213 million in 2023. The company continues to invest heavily in this area, with further increases expected in 2024.
Binance has been recruiting top-tier talent to enhance its compliance functions, including hiring senior executives from leading financial institutions like Morgan Stanley and Kraken. Teng says this focus on compliance is part of Binance’s broader strategy to build the most robust and resilient platform in the industry.
When asked about the possibility of an IPO (Initial Public Offering) or fundraising, Teng stated that Binance is in a very strong financial position and does not need to consider these options at this time. He emphasized that such decisions are for the board and shareholders to make, not for him personally. Instead, Teng and his team are focused on building a sustainable and vibrant ecosystem for the future of cryptocurrency.
Binance’s future plans include continuing to advance blockchain technology, supporting innovative projects, and attracting the best talent to work on building the future of the crypto space. Teng expressed his commitment to ensuring that Binance not only succeeds in the present but also prospers for decades to come.
