Binance regional markets head Richard Teng insists that the worldwide cryptocurrency trade is financially safe and under no circumstances just like bankrupt peer FTX regardless of latest regulatory scrutiny and regional challenges,
Talking completely to Cointelegraph Journal editor Andrew Fenton in Singapore forward of the 2023 Token2049 convention, Teng addressed a wide range of completely different challenges being confronted by Binance’s regional arms in addition to taking part in down stories that he’s being groomed to take the reigns from founder Changpeng ‘CZ’ Zhao sooner or later.
Teng stated that whereas Binance has confronted completely different points over the previous couple of years, it had managed to sort out these on a case to case foundation whereas the corporate remained financially robust and in a position to course of buyer withdrawals.
Noticed some debates locally. While you do the fitting factor, and there’s FUD, you do not have to do something. The neighborhood defends you.
Let me summarize. There have been a variety of damaging information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs,…
— CZ Binance (@cz_binance) September 7, 2023
Commenting on a latest social media put up from ‘CZ’ that had highlighted “damaging information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs, worker turnover”, Teng stated that comparisons to the failure of FTX had been unjustified:
“There have been completely different rumors and FUD after FTX. Individuals tried to affiliate us, which is completely unfaithful. Our property are backed one-to-one.”
He additionally addressed latest Cointelegraph exclusives that exposed high-level executives had departed Binance in addition to one other report on the corporate’s ties with Russian banks. Teng stated that trade’s stellar development within the house of six years continues to depart it within the highlight:
“All this scrutiny will come from being the most important. Scrutiny from regulators, scrutiny from the media, and we welcome the scrutiny.”
Teng stated that Binance has not but decided concerning its franchise that serves the Russian market, whereas sustaining that the corporate continues to stick to worldwide norms and requirements with reference to sanctioned entities and people:
“On our plans for Russia, we have now acknowledged very clearly within the final couple of weeks that every one choices are on the desk. We proceed to discover what we have to do for that specific franchise going ahead.”
In the meantime maturing regulatory frameworks in varied jurisdictions can also be being welcomed by the worldwide trade. Teng stated that the European Union’s Markets in Crypto-Property (MiCA) regulation may gain advantage exchanges universally by creating standardized guidelines for the trade:
“This disparate remedy, it makes life very troublesome for international platforms like for ourselves. When it comes to native deployment, we have to perceive how the principles and rules are very completely different. So what we hope for harmonized requirements.”
Teng stated that MiCA was a “step in the fitting course” in offering the 23 EU member states a constant set of requirements, which in flip may result in a wider convergence of world regulatory pointers for the trade.
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