Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’

Binance regional markets head Richard Teng insists that the international cryptocurrency change is financially safe and under no circumstances just like bankrupt peer FTX regardless of latest regulatory scrutiny and regional challenges.

Talking solely to Journal editor Andrew Fenton in Singapore forward of the 2023 Token2049 convention, Teng addressed quite a lot of completely different challenges being confronted by Binance’s regional arms in addition to taking part in down experiences that he’s being groomed to take the reigns from founder Changpeng “CZ” Zhao in the future.

Teng stated that, whereas Binance has confronted completely different points over the previous couple of years, it has managed to deal with these on a case-by-case foundation whereas remaining financially robust and in a position to course of buyer withdrawals.

Noticed some debates in the neighborhood. Once you do the proper factor, and there may be FUD, you do not have to do something. The neighborhood defends you.

Let me summarize. There have been loads of detrimental 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 highlighted “detrimental 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. Folks tried to affiliate us, which is completely unfaithful. Our belongings are backed one-to-one.”

He additionally addressed latest Cointelegraph exclusives that revealed high-level executives had departed Binance in addition to another report on the company’s ties with Russian banks. Teng stated that the change’s stellar development in the area of six years continues to go away it in the highlight.

“All this scrutiny will come from being the largest — scrutiny from regulators, scrutiny from the media — and we welcome the scrutiny.”

Teng stated that Binance has not but decided relating to its franchise that serves the Russian market whereas sustaining that the firm continues to stick to worldwide norms and requirements with reference to sanctioned entities and people:

“On our plans for Russia, we have now said very clearly in the final couple of weeks that every one choices are on the desk. We proceed to discover what we have to do for that exact franchise going ahead.”

In the meantime, maturing regulatory frameworks in numerous jurisdictions are additionally being welcomed by the international change. Teng stated that the European Union’s Markets in Crypto-Assets (MiCA) regulation may gain advantage exchanges universally by creating standardized guidelines for the trade:

“This disparate remedy, it makes life very tough for international platforms like for ourselves. When it comes to native deployment, we have to perceive how the guidelines and rules are very completely different. So, what we hope for is harmonized requirements.”

Teng stated that MiCA was a “step in the proper route” in offering the 23 EU member states with a constant set of requirements, which in flip might result in a wider convergence of worldwide regulatory tips for the trade.

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