{"id":599843,"date":"2023-12-03T21:00:00","date_gmt":"2023-12-03T18:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binances-explosive-growth-led-to-compliance-failures-ceo-richard-teng-on-4-3b-settlement\/"},"modified":"2023-12-03T21:00:00","modified_gmt":"2023-12-03T18:00:00","slug":"binances-explosive-growth-led-to-compliance-failures-ceo-richard-teng-on-4-3b-settlement","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binances-explosive-growth-led-to-compliance-failures-ceo-richard-teng-on-4-3b-settlement\/","title":{"rendered":"#Binance\u2019s explosive growth led to compliance failures &#8211; CEO Richard Teng on $4.3B settlement"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a417abbe358b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a417abbe358b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binances-explosive-growth-led-to-compliance-failures-ceo-richard-teng-on-4-3b-settlement\/#43B_settlement_a_result_of_early_gaps_in_compliance\" >$4.3B settlement a result of early gaps in compliance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/binances-explosive-growth-led-to-compliance-failures-ceo-richard-teng-on-4-3b-settlement\/#Binances_obligations_to_US_authorities\" >Binance\u2019s obligations to U.S. authorities<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\">\n                        <img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMTIvNWIyYmQ0MDUtMmZjOS00MDI0LTkwMmItMzNmNWM0ZmU1NGI3LmpwZw==.jpg\" class=\"type:primaryImage\">\n                    <\/p>\n<pre><code>                                The new CEO of Binance takes stock of the exchange's future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.\n                &lt;p&gt;\u201cAs part of the settlement, CZ cannot be involved in the day-to-day running of the company\u2019s operations,\u201d Richard Teng explains.\n<\/code><\/pre>\n<p>Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead. <\/p>\n<blockquote><p>\u201cI\u2019m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.\u201d<\/p><\/blockquote>\n<p>Teng believes that the \u201covercast\u201d conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the United States Justice Department relating to a raft of violations of U.S. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"43B_settlement_a_result_of_early_gaps_in_compliance\"><\/span>$4.3B settlement a result of early gaps in compliance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalls how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.<\/p>\n<p>\u201cIn those very early days while we were building up the company, there were gaps in terms of compliance. <\/p>\n<p>The shortcomings of its early compliance regime have led to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1925\">largest crypto-related settlement<\/a> in U.S. <\/p>\n<p>\u201cU.S. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Binances_obligations_to_US_authorities\"><\/span>Binance\u2019s obligations to U.S. authorities<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Binance is now left to shoulder the ongoing cost and scrutiny that its settlement with U.S. This includes a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1925\">five-year monitorship<\/a> and significant compliance undertakings to ensure \u201cBinance\u2019s complete exit from the United States.&#8221;<\/p>\n<p>Teng wouldn\u2019t be drawn into the details of Binance.US\u2019s ongoing legal battle with the U.S. <\/p>\n<p>Read more<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-growth-led-to-compliance-failures-ceo-richard-teng\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new CEO of Binance takes stock of the exchange&#8217;s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph. &lt;p&gt;\u201cAs part of the settlement, CZ cannot be involved in the day-to-day running of the company\u2019s operations,\u201d Richard Teng explains. Despite that, the incumbent CEO of Binance cuts&#8230;<\/p>\n","protected":false},"author":1,"featured_media":599844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-12\/5b2bd405-2fc9-4024-902b-33f5c4fe54b7.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,74355,117,23147,70934,67874],"class_list":["post-599843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-adoption","tag-business","tag-interview","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/599843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=599843"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/599843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/599844"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=599843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=599843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=599843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}