Richard Teng, CEO of Binance, during the Paris Blockchain Week summit in Paris, France, Tuesday, April 9, 2024.
Bloomberg | Bloomberg | Getty Images
New Binance CEO Richard Teng says the company has moved past cultural issues after being fined $4.3 billion to settle charges from the US Department of Justice.
The DOJ had alleged that Binance first practiced a demarche, then later asked for forgiveness. Teng acknowledged his concerns on Tuesday.
“In those very early stages of development… Binance was operating in a different way,” Teng told CNBC’s Arjun Kharpal on Tuesday at the Paris Blockchain Week crypto conference in Paris, France.
“But we have moved beyond that, as the company has become regulatory mature, (and) we are moving towards sustainability.”
In November, Binance agreed to pay a $4.3 billion settlement to the US government, including a $2.5 billion forfeiture and a $1.8 billion fine.
Former Binance CEO Changpeng Zhao was accused of violating the Bank Secrecy Act and agreed to resign. The plea agreements ended a years-long investigation into the crypto exchange.
In its November settlement with Binance, the DOJ said former CEO Zhao “told employees it was ‘better to ask for forgiveness than permission’ and prioritized Binance’s growth over compliance of American law.
US authorities have also accused Binance of allowing transactions between US users and users in jurisdictions subject to US sanctions.
“These illegal transactions were the clear and predictable result of Zhao’s decision to prioritize Binance’s profits and growth over compliance with the BSA,” the Justice Department said, referring to the law on banking secrecy.
This is a breaking news story currently being updated. Please check again for updates.
cnbc
