“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Richard Teng explains.
Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead. Speaking to Cointelegraph just two weeks after taking over from outgoing CEO Changpeng ‘CZ’ Zhao, Teng seems to be relishing being at the helm of the world’s largest cryptocurrency exchange:
“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”
Teng believes that the “overcast” 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. regulations and sanctions programs.
$4.3B settlement a result of early gaps in compliance
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.
“In those very early days while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues,” Teng says.
The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S. history. However, Teng contends the company has always ensured its user funds, security, and safety have remained “sacrosanct.”
“U.S. agencies have scrutinized our operations in great detail for us to reach this settlement, and there’s no allegation of any misappropriation of user funds,” he adds.
Binance’s obligations to U.S. authorities
Binance is now left to shoulder the ongoing cost and scrutiny that its settlement with U.S. authorities involves. This includes a five-year monitorship and significant compliance undertakings to ensure “Binance’s complete exit from the United States.”
Teng wouldn’t be drawn into the details of Binance.US’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over alleged securities violations. Still, he maintains the company has factored in the costs of meeting the requirements set out in its settlement and its case with the SEC.
The Binance CEO is also bound to non-disclosure agreements relating to its $4.3 billion settlement and would not comment on the means of payment of the penalty. Cointelegraph understands that Binance is in the process of paying its assessment, while a separate case brought against CZ will be paid personally by the former CEO.
The company also confirmed that the movement of some $3.9 billion worth of USDT tokens reported on Nov. 21 was “unrelated to resolution matters” with the U.S. Justice Department.
Was Binance treated unfairly?
Prominent figures in the cryptocurrency space, including former BitMEX CEO Arthur Hayes and Galaxy Digital’s Mike Novogratz, have commented on the disparity between the treatment of Binance and mainstream finance firms in recent years.
Teng weighed in on the perception that “Wall Street Banks” have not been subject to the same treatment despite arguably even bigger failings.
“Fines in terms of the financial sector are not uncommon. If you do a Google search of the list of fines paid by financial institutions, that list is close to $90 billion in fines,” Teng says.
Whether Binance has been made an example of is not a consideration. Nevertheless, the exchange could be the “most regulated exchange globally”, given that Binance operates in 18 different jurisdictions.
Binance is keenly focused on compliance from now on. The company has grabbed headlines for headhunting strategic individuals to navigate regulatory requirements in different jurisdictions.
Teng says the company has “invested heavily” in this regard, pointing to key talent in its compliance team with backgrounds in regulatory agencies like the SEC and traditional financial institutions, including the likes of Morgan Stanley and Barclays.
Building out of UAE, France
Binance remains a global operation but the company has set down two regional headquarters. The United Arab Emirates (UAE) serves as its headquarters for MENA region operations, while France is its European base.
The former region is familiar territory to Teng, who previously lived in the UAE for nine years and served as CEO for local regulator Abu Dhabi Global Markets. His role involved laying down a cryptocurrency framework for the local ecosystem.
“When I first got in touch with crypto, my take was this is the future of finance. But for this to really gain traction and for mass adoption to be brought about, you need two elements,” Teng explains.
Clarity of rules and regulations was the first consideration, and the second was fostering institutional adoption. The latter point remains crucial to Teng as it brings in investors and liquidity and drives research.
As a result, the UAE has emerged as a proverbial oasis for the cryptocurrency and blockchain sector. It continues to attract global players as a base of operations in the MENA region.
The implementation of Europe’s Markets in Crypto-Assets regulations also bodes well for Binance’s prospects in the region.
“You have clarity of rules to operate in 27 different jurisdictions,” Teng says, which provides a blanket set of requirements for the industry that has to date suffered from “disparity in terms of rules”.
Binance was forced to terminate its services in the Netherlands in June 2023 after failing to satisfy registration requirements to obtain a local virtual asset service provider (VASP) license. MiCA could serve as a means to expand into new markets through 2024 and beyond.
Stepping into CZ shoes
Undoubtedly, stepping into CZ’s shoes is an unenviable task. Teng describes Binance’s founder as an inspirational leader and great mentor focused on execution.
The incumbent is also honest in his understanding that he cannot replace CZ’s role as a founder-CEO, but the current landscape also lends to the merits of a fresh face and new approaches.
“What I can do is bring my own values and expertise to the table in a maturing company. Six years ago, compared to now, Binance is totally different,” Teng explains. The new CEO will report to a board of directors, which will act as the governing authority of the company.
If and when he has time to blow off some steam, Teng hopes to maintain routine in his private life. The CEO enjoys exercising, doing a mix of “weights, cardio and core”. He’s also a bookworm, citing Elon Musk’s biography by Walter Isaacson as his most recent read.
Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal
Senator Tim Scott, the chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, recently said that he expects a crypto market bill to be passed into law by August 2025. The chairman also noted the Senate Banking Committee’s advancement of the GENIUS Act, a comprehensive stablecoin regulatory bill, in March 2025, as evidence that the committee prioritizes crypto policy. In a statement to Fox News, Scott said: “We must innovate before we regulate — allowing innovation in the digital asset space to happen here at home is critical to American economic dominance across the globe.” Scott’s timeline for a crypto market structure bill lines up with expectations from Kristin Smith, CEO of the crypto industry advocacy group Blockchain Association, of market structure and stablecoin legislation being passed into law by August. The Trump administration has emphasized that comprehensive crypto regulations are central to its plans for protecting the value of the US dollar and establishing the country as a global leader in digital assets by attracting investment into US-based crypto firms. Senator Tim Scott highlights the Senate Banking Committee’s goals and accomplishments in 2025. Source: Fox News Related: Atkins becomes next SEC chair: What’s next for the crypto industry US lawmakers and officials expect clear crypto policies to be established and signed into law sometime in 2025 with bipartisan support from Congress. Speaking at the Digital Assets Summit in New York City, on March 18, Democrat Representative Ro Khanna said he expects both the market structure and stablecoin bills to pass this year. The Democrat lawmaker added that there are about 70-80 other representatives in the party who understand the importance of passing clear digital asset regulations in the United States. Treasury Secretary Scott Bessent, pictured left, President Donald Trump in the center, and crypto czar David Sacks, pictured right, at the White House Crypto Summit. Source: The White House Khanna emphasized that fellow Democrats support dollar-pegged stablecoins due to the role of dollar tokens in expanding demand for the US dollar worldwide through the internet. Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, also spoke at the conference and predicted that stablecoin legislation would be passed into law within 60 days. Hines highlighted that establishing US dominance in the digital asset space is a goal with widespread bipartisan support in Washington DC. Magazine: How crypto laws are changing across the world in 2025
The US Social Security Administration (SSA) will move all public communications to the X social media platform amid sweeping workforce cuts recommended by the Department of Government Efficiency (DOGE), led by X owner Elon Musk. According to anonymous sources who spoke with WIRED, the government agency will no longer issue its customary letters and press releases to communicate changes to the public, instead relying on X as its primary form of public-facing communication. The shift comes as the SSA downsizes its workforce from 57,000 employees to roughly 50,000 to reduce costs and improve operational efficiency. The agency issued this statement in February 2025: “SSA has operated with a regional structure consisting of 10 offices, which is no longer sustainable. The agency will reduce the regional structure in all agency components down to four regions. The organizational structure at Headquarters also is outdated and inefficient.” Elon Musk, the head of DOGE, has accused the Social Security system of distributing billions of dollars in wrongful payments, a claim echoed by the White House. Musk’s comments sparked intense debate about the future of the retirement program and sustainable government spending. Source: Elon Musk Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’ The Department of Government Efficiency is an unofficial government agency tasked with identifying and curbing allegedly wasteful public spending through budget and personnel cuts. In March, DOGE began probing the Securities and Exchange Commission (SEC) and gained access to its internal systems, including data repositories. SEC officials signaled their cooperation with DOGE and said the regulatory agency would work closely with it to provide any relevant information requested. Musk and Trump discuss curbing public spending and eliminating government waste. Source: The White house DOGE also proposed slashing the Internal Revenue Service’s (IRS) workforce by 20%. The workforce reduction could impact up to 6,800 IRS employees and be implemented by May 15 — exactly one month after 2024 federal taxes are due. Musk’s and the DOGE’s proposals for sweeping spending cuts are not limited to slashing budgets and reducing the size of the federal workforce. DOGE is reportedly exploring blockchain to curb public spending by placing the entire government budget onchain to promote accountability and transparency. Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle
United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from tariffs, giving the tech industry a much-needed respite from trade pressures. According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ongoing trade tariffs. “Large-cap technology companies will ultimately come out ahead when this is all said and done,” The Kobeissi letter wrote in an April 12 X post. US Customs and Border Protection announces tariff exemptions on select tech products. Source: US Customs and Border Protection The tariff relief will take the pressure off of tech stocks, which were one of the biggest casualties of the trade war. Crypto markets are correlated with tech stocks and could also rally as risk appetite increases on positive trade war headlines. Following news of the tariff exemptions, the price of Bitcoin (BTC) broke past $85,000 on April 12, a signal that crypto markets are already responding to the latest macroeconomic development. Related: Billionaire investor would ‘not be surprised’ if Trump postpones tariffs President Trump walked back the sweeping tariff policies on April 9 by initiating a 90-day pause on the reciprocal tariffs and lowering tariff rates to 10% for countries that did not respond with counter-tariffs on US goods. Bitcoin surged by 9% and the S&P 500 surged by over 10% on the same day that Trump issued the tariff pause. Macroeconomic trader Raoul Pal said the tariff policies were a negotiation tool to establish a US-China trade deal and characterized the US administration’s trade rhetoric as “posturing.” Bitcoin advocate Max Keiser argued that exempting select tech products from import tariffs would not reduce bond yields or further the Trump administration’s goal of lowering interest rates. Yield on the 10-year US government bond spikes following sweeping trade policies from the Trump administration. Source: TradingView The yield on the 10-year US Treasury Bond shot up to a local high of approximately 4.5% on April 11 as bond investors reacted to the macroeconomic uncertainty of a protracted trade war. “The concession just given to China for tech exports won’t reverse the trend of rates going higher. Confidence in US bonds and the US Dollar has been eroding for years and won’t stop now,” Keiser wrote on April 12. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions ‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series Story injured on diving stop, exits Red Sox game Game 1 of WS least-watched in recorded history MLB Rank 2023: Ranking baseball’s top 100 players Team Europe easily wins 4th straight Laver Cup Japan and South Korea have a lot at stake in a free and open South China Sea Game-changing Lectric XPedition launched as affordable electric cargo bike Bank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway
Support for comprehensive crypto regulations is bipartisan
DOGE targets US government agencies in efficiency push
Markets hinge on Trump’s every word during macroeconomic uncertainty
