{"id":87363,"date":"2023-11-22T03:49:06","date_gmt":"2023-11-22T08:49:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/new-binance-ceo-says-exchange-has-robust-revenues-and-profits-hinting-at-ability-to-pay-4-3b-fines\/"},"modified":"2023-11-22T03:49:07","modified_gmt":"2023-11-22T08:49:07","slug":"new-binance-ceo-says-exchange-has-robust-revenues-and-profits-hinting-at-ability-to-pay-4-3b-fines","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87363","title":{"rendered":"New Binance CEO Says Exchange Has &#8220;Robust Revenues and Profits,&#8221; Hinting at Ability to Pay $4.3B Fines"},"content":{"rendered":"<div>\n<figure id=\"attachment_134828\" aria-describedby=\"caption-attachment-134828\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-134828\" class=\"wp-caption-text\">Image Source: Bloomberg<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">New Binance CEO <strong>Richard Teng<\/strong> has hinted at the exchange\u2019s ability to pay the $4.3 billion it has been fined by the US Justice Department.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Teng, who was named CEO of Binance on Tuesday after Changpeng Zhao stepped down, said in a recent post on X (formerly Twitter) that the exchange is in good shape financially.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe fundamentals of our business are VERY strong,\u201d he wrote.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cBinance continues to operate the world\u2019s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">The statement came in reply to a post by Connor Lango, director of business development at Coinbase, who said Binance will most likely be able to \u201cpay full $4.3B DoJ fine with 0 crypto asset sales.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lango detailed that after pulling out Binance\u2019s crypto holdings from their Proof of Reserves, he discovered that the exchange still had $6.35 billion in total assets and $3.19 billion in stablecoins.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The fundamentals of our business are VERY strong. <\/p>\n<p>Binance continues to operate the world&#8217;s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https:\/\/t.co\/PHq2YS0CP5<\/p>\n<p>\u2014 Richard Teng (@_RichardTeng) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1727214060406808920?ref_src=twsrc%5Etfw\">November 22, 2023<\/a><\/p>\n<\/blockquote>\n<h2><span data-preserver-spaces=\"true\">Binance Sees $900 Million in Outflows<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The assurance from the new CEO comes as Binance has already seen more than $900 million in outflows over the past 24 hours.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As\u00a0<\/span><span data-preserver-spaces=\"true\">reported<\/span><span data-preserver-spaces=\"true\">, data from DeFi TVL aggregator DefiLlama show that Binance has registered $913 million in outflows over the past day, with $605 million in net outflows over the past week.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The exchange still has net inflows of $1.78 billion over the past month, the largest by far among all centralized crypto exchanges tracked by DefiLlama.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The outflows came after Binance, along with its CEO Changpeng Zhao, pleaded guilty to criminal charges related to anti-money laundering and violations of US sanctions on Tuesday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The plea was made as part of a comprehensive agreement reached with the US Department of Justice, allowing the company to continue its operations.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under the terms of the settlement, Changpeng Zhao will also personally pay $200 million in fines.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also appeared in court in Seattle to enter his guilty plea and now faces a maximum prison sentence of 10 years.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Teng Was Expected to Succeed CZ<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Back in June, Bloomberg reported that Binance\u2019s regulatory hurdles have\u00a0<\/span><span data-preserver-spaces=\"true\">opened up the path for a potential successor<\/span><span data-preserver-spaces=\"true\">\u00a0to CZ, with Richard Teng being among the frontrunners for the position.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Teng\u2019s resume includes senior positions at Singapore\u2019s central bank and Abu Dhabi\u2019s international free-trade zone, making him an ideal candidate to help steer Binance through the current regulatory hurricane.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One of Teng\u2019s first tasks at Binance was to help secure a crypto license in Singapore, at the time one of the most coveted seals of approval in crypto.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The application failed reportedly because Binance\u2019s affiliate didn\u2019t meet the criteria for protecting against money laundering and terrorist financing.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the setback didn\u2019t appear to hurt Teng\u2019s prospects at Binance, and he was later promoted to head of the Middle East and North Africa, followed by an oversight of Europe and Asia.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Teng\u2019s rise has seen him join an inner circle of Zhao confidants that includes He Yi, Binance\u2019s other co-founder, with whom Zhao has two children.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/new-binance-ceo-says-exchange-has-robust-revenues-and-profits-hinting-at-ability-to-pay-4-3b-fines.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Bloomberg New Binance CEO Richard Teng has hinted at the exchange\u2019s ability to pay the $4.3 billion it has been fined by the US Justice Department.\u00a0 Teng, who was named CEO of Binance on Tuesday after Changpeng Zhao stepped down, said in a recent post on X (formerly Twitter) that the exchange is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Binance CEO Says Exchange Has &quot;Robust Revenues and Profits,&quot; Hinting at Ability to 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