Connect with us

Published

on

Richard Teng, chief executive officer of Binance Holdings Ltd., at an event hosted by the Foreign Correspondents Association in Singapore, on Tuesday, Sept. 17, 2024. 

Ore Huiying | Bloomberg | Getty Images

Binance CEO Richard Teng says the Trump administration has been a “fantastic” reset for the cryptocurrency industry.

“It’s an extremely different environment that we’re operating in,” Teng told CNBC on Tuesday.

In the span of 16 months, Binance has gone from a political outcast to a possible power broker in Washington. Once the poster child for regulatory defiance – Binance was slapped with a record $4.3 billion settlement with regulators and forced to oust billionaire founder Changpeng “CZ” Zhao – the crypto exchange is now navigating a dramatically friendlier political landscape under President Donald Trump’s second administration, Teng said.

“We’ve benefited from this shift,” said Teng, who was appointed Binance’s CEO in November 2023. 

Teng’s comments come as the crypto exchange is in talks to have the Trump family take a financial stake in the company, according to a report by The Wall Street Journal earlier this month. That same day, Bloomberg reported that World Liberty Financial, a Trump-linked crypto bank that has not yet launched, is engaged in talks with Binance to launch a dollar-pegged stablecoin. 

If such deals were reached, it would mark a staggering reversal for a company that was once a pariah in Washington. 

Teng, a soft-spoken former regulator, was careful with his words when addressing the reports.

“I believe both World Liberty Financial as well as CZ himself have tweeted and denied the reports,” said Teng, who runs the exchange’s operations outside the U.S. 

As for the rumors about a Trump stake in Binance.US, Teng demurred. 

“.US and .com are quite different animals, right?” he said. “They have different sets of shareholders, different boards of directors, and different CEOs running the show.”

Binance structured the two exchanges as independent entities in response to regulatory scrutiny, aiming to ring-fence its U.S. operations from the broader international business.

Still, Teng is bullish on what the new political environment means for crypto.

“We went from four years of Operation Choke Point 2.0 to now – you have a very pro-crypto, pro-AI president,” he said. While Binance.com doesn’t operate in the U.S., he said, “We have benefited from all these pro-crypto policies.”

Choke Point 2.0 is how industry insiders refer to an alleged crackdown by legacy banks on digital asset firms during the Biden administration.

Teng described a rapid global expansion that brought Binance from 170 million to 265 million users in just one year.

“We have received a lot of approaches from different governments around the world,” Teng said, citing regulatory progress in Japan, Australia, Hong Kong, Brazil, Argentina and the United Arab Emirates.

Binance is now licensed in 21 jurisdictions, and its influence extends well beyond the reach of any one country. That includes sovereign wealth funds, some of which are starting to quietly allocate to crypto, Teng said.

In the background of all this optimism is the reality of Binance’s checkered past.

Zhao, the company’s founder and former CEO, was criminally charged, forced to step down and served a short prison sentence. Binance paid the multibilllion-dollar settlement – finalized in late 2023 – to resolve a raft of violations with U.S. regulators, including the Department of Justice and the Commodity Futures Trading Commission.

One major front remains open: The Securities and Exchange Commission’s civil case against Binance and Zhao. 

The SEC and Binance in February agreed to a 60-day pause in proceedings as both sides consider a potential resolution. The stay comes amid a broader pullback by the SEC from several high-profile crypto lawsuits—signaling a potential regulatory reset under the new administration.

“We under-invested in compliance in those very early days,” Teng said. “But what’s important as a responsible institution is to acknowledge those early mistakes, make amends for it and invest greatly into compliance, which we are doing now.”

Binance now employs more than 1,300 professionals in compliance, roughly a quarter of its total workforce, Teng said. “The direction of travel is very clear. It’s one of compliance.”

The Nigerian government might disagree. 

One of Binance’s top compliance officers, Tigran Gambaryan, was recently imprisoned under harsh conditions. In Nigeria, Binance faced charges of alleged non-payment of value-added tax and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform. 

Alongside Gambaryan, who is a U.S. citizen and a former employee of the Internal Revenue Service, Nigeria has also imprisoned fellow executive Nadeem Anjarwalla, who is British-Kenyan. Both were charged and remanded in custody by Nigerian authorities. Anjarwalla escaped custody in March 2024, and Gambaryan was released several months later.

“The treatment he went through in Nigeria is not warranted,” said Teng about Anjarwalla. “We have always tried to liaise and work cooperatively with governments around the world.”

Since taking over as CEO, Teng has shifted the company from a founder-led startup to a board-governed organization. 

“Now I report to the board of directors,” Teng said. “We have a board of seven members, including three independent directors and an independent chairman.”

For all the scrutiny Binance faces, Teng insists the platform remains dominant.

“At any point in time, we have more than 40% of global market share,” he said.

He dismissed concerns about Coinbase’s growing political clout and the momentum behind crypto exchange-traded funds, arguing that ETFs are a gateway into crypto trading. 

“A lot of users that start trading through ETFs subsequently advance to cryptocurrency platforms,” Teng said, noting that while crypto trades nonstop, ETFs are limited to business hours.

Binance took on its first institutional investment earlier this month in a $2 billion deal with Emirati state-owned investment firm MGX, which is an AI and advanced tech fund that counts BlackRock and Microsoft as partners. It’s the largest investment ever made into a crypto company and the biggest to be fully paid in stablecoins.

Teng said he sees the investment as a way to bridge crypto and AI. 

“We are utilizing AI on an extensive basis,” said Teng, noting that Binance uses artificial intelligence for customer service, security and compliance monitoring.This is the blockchain sector. We have to continue to utilize technology to achieve efficiency.”

Asked what keeps him up at night, Teng rattled off a list: Security, compliance, product innovation and opportunities for mergers and acquisitions.

“We want to make sure we run a very robust, operational, best-in-class platform,” he said.

Read more about tech and crypto from CNBC Pro

Binance staff detained in Nigeria as country claims crypto investments are devaluing its currency

Continue Reading

Environment

This Hyundai IONIQ 5 drove 360,000 miles on its original battery [video]

Published

on

By

This Hyundai IONIQ 5 drove 360,000 miles on its original battery [video]

This white Hyundai IONIQ 5 is single-handedly rewriting the rules on EV longevity by driving over 360,000 miles on its original battery. What’s even wilder? The battery still had 87% battery health, despite the owner exclusively using DC fast charging to charge the car to 100%.

That was more than 50,000 miles ago, and the car is still going strong!

Take a good look at that digital dashboard display up there, and you might notice the Hyundai IONIQ 5’s odometer is sitting pretty at 666,255 km. That’s over 413,990 miles, and the South Korean EV is, reportedly, still racking up miles — and fast! Over at the Facebook Group Mileage Impossible, the car’s owner claimed he covered all those miles in less than three-and-a-half years … which works out to just under 10,000 miles per month! (!!!) 

Nearly 400 miles per day

This Hyundai Ioniq 5 Has Over 400,000 Miles. Here’s What Broke
Nearly 10,000 miles/mo.; via Mileage Impossible.

Like any vehicle being driven extreme miles, Hyundai’s excellent IONIQ 5 isn’t perfect. That means a bunch of stuff broke, including the car’s Integrated Charging Control Unit (ICCU), which means it can’t currently be charged on AC (L1/L2) charger. And, while electric cars don’t need oil changes, they do need other types maintenance, and the differential oils and brake fluids have been regularly changed on this car — which, no doubt, has contributed to its longevity.

Advertisement – scroll for more content

The most significant repair to date was the battery replacement at 360,000 miles (almost 55,000 miles ago, by my math). Remarkably, Hyundai covered the cost of the replacement despite the battery being way, way beyond its original 10 year/100,000 mile warranty.

The most impressive part of all this? Even after enduring 360,000 miles and countless fast-charging cycles, the battery reportedly retained 87% of its original health. (!)

Electrek’s Take

The caption reads, “free replacement of battery, motor, and reduction gear at 580,000 km.”

We’ve written about high-mileage Teslas in the past, but stories like this are massively important to people who are still on the fence about EVs. And, with the average age of vehicles on US roads creeping up on 13 years, it’s hard to argue with the relevance of those long-term drivability and dependability concerns.

And now, with this 400,000 IONIQ 5, Hyundai has a shining example of the fact that its soon-to-be American-made EVs can go the distance.

Hyundai is still offering 0.99% APR financing for 60 months on all versions of the hot-selling 2025 IONIQ 5, as well as up to $7,500 in Retail Bonus Cash, which (when combined with other incentives in certain markets) can make a huge difference to customers’ bottom line. It doesn’t look like the two offers can be combined, however, so be sure to do the math and see which deal makes the most sense for you.

SOURCES | IMAGES: 수와호수스와호수 and Mileage Impossible; via InsideEVs and Torque News.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Porsche set to pilot closed-loop raw material EV battery recycling program

Published

on

By

Porsche set to pilot closed-loop raw material EV battery recycling program

Porsche is launching a new EV battery recycling pilot to recover valuable raw materials from its cars’ high-voltage battery packs at the end of their useful life in vehicles. The new pilot hopes to develop a “closed-loop” raw material cycle that would have new batteries made from old batteries without the need for new, high carbon cost mineral mining.

The German company best known for building ultra high-performance sports and racing cars has an equally long history in engineering and innovation, and has fully embraced EVs in recent years – launching all-electric versions of its Macan compact crossover and, of course, the excellent Porsche Taycan.

With this new initiative, Porsche engineers hope to address the growing importance of recycled battery raw materials and promote the responsible handling of high-voltage batteries at the end of life.

In the long term, a recycling network for EV batteries is planned to be established in collaboration with external partners.

Advertisement – scroll for more content

“With the help of innovative recycling processes, we strive to increase our independence from volatile and geopolitically unstable raw material markets,” says Barbara Frenkel, Executive Board Member for Procurement at Porsche. “Circular Economy is a core pillar of our sustainability strategy, and with this pilot project, we want to underscore our ambitions.”

Three phase plan

“Second Life” concept uses EV batteries as backup power; via Porsche.

Porsche is advancing its commitment to sustainability by embracing the principles of, “reduce, reuse, recycle.” The company is developing more efficient electric vehicles with longer-lasting batteries, which are repurposed in “Second Life” Battery Energy Storage Systems (BESS) like the one implemented at its Leipzig plant (above). Now, through a new closed-loop recycling pilot, Porsche is emphasizing that “recycle” part by approaching the project in three phases.

In the first project phase, EV batteries from development vehicles are mechanically shredded at the end of their use-phase and processed into “black mass” that contains valuable raw materials like nickel, cobalt, manganese, and lithium. So far, the program has produced about 65 tons of processed black mass.

In the next phase, the black mass is further separated and refined until the materials reach both the levels of quality and purity Porsche demands from the “virgin” materials it buys for its new batteries.

In the third phase, Porsche takes the raw materials recovered from its decommissioned high-voltage batteries and makes new batteries with them, demonstrating Porsche’s, “holistic understanding of the circular economy.”

Porsche hopes its new pilot will help prepare the company for upcoming regulatory changes – for example, the expected requirements for batteries in the European Union by 2031. By adopting recycled materials early, the company says it intends to make an active contribution to the technology while further reducing its environmental impact.

SOURCE | IMAGES: Porsche.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Yamaha celebrates 50th anniversary with new, in-house golf cart battery

Published

on

By

Yamaha celebrates 50th anniversary with new, in-house golf cart battery

Yamaha has announced plans to launch a pair of new five-seater electric golf carts featuring new lithium-ion batteries and vehicle control units developed in-house this June. The launch is scheduled to coincide with the company’s 50 year anniversary in the golf car/golf cart business.

Yamaha Motor launched its first golf cart, the YG292 “Land Car,” in June 1975. That original golf cart was powered by the company’s air-cooled, 292cc 2-stroke snowmobile engine, while its fiber-reinforced plastic (FRP) composite bodywork was developed using the companies maritime and boat-building expertise.

Just as those early golf carts used existing products to shorten their development times, company’s golf carts were one of the earliest product lines to get electrified – and the lessons learned there have influenced other Yamaha e-mobility product lines.

The company’s newest golf carts, five-seater electric models dubbed the G30Es and G31EPs, continue to lean on Yamaha’s top-shelf engineering expertise.

Advertisement – scroll for more content

G30Es and G31EPs; via Yamaha.

The in-house developed batteries use lithium iron phosphate (LFP) chemistry in their cells, with the company claiming higher levels of reliability and an extended lifespan compared to other battery chemistries it’s worked with. The Yamaha batteries are available in both 4 kWh and 6 kWh capacities, enabling buyers to tailor their choice based on their individual driving range requirements, course conditions, and individual play/mobility preferences.

Both new models are 144.5″ (367 cm) long and 49.5″ (125 cm) wide, with an 84.25″ (214 cm) wheelbase, and are powered by an AC motor with, “superior speed and torque control, combined with optimized regenerative braking and a brushless design,” that, according to Yamaha, give the brand’s new golf carts far greater efficiency than the company’s previous models, resulting in 30% better efficiency.

You can check out more detailed pictures of the Yamaha-developed parts and full specs, below, then let us know what you think of the tuning fork brand’s newest mobility products in the comments.

SOURCE | IMAGES: Yamaha.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending