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Binance regional markets head Richard Teng insists that the worldwide cryptocurrency change is financially safe and by no means just like bankrupt peer FTX regardless of latest regulatory scrutiny and regional challenges.
Talking completely 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 enjoying down studies that he’s being groomed to take the reigns from founder Changpeng “CZ” Zhao sooner or later.
Teng mentioned 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 capable of course of buyer withdrawals.
Noticed some debates in the neighborhood. If you do the correct factor, and there may be FUD, you do not have to do something. The neighborhood defends you.
Let me summarize. There have been a whole lot of destructive 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 publish from CZ that highlighted “destructive information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs, worker turnover,” Teng mentioned that comparisons to the failure of FTX have 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 mentioned that the change’s stellar progress within the house of six years continues to go away it within the highlight.
“All this scrutiny will come from being the biggest — scrutiny from regulators, scrutiny from the media — and we welcome the scrutiny.”
Teng mentioned that Binance has not but decided relating to its franchise that serves the Russian market whereas sustaining that the corporate continues to stick to worldwide norms and requirements with reference to sanctioned entities and people:
“On our plans for Russia, we’ve acknowledged very clearly within the final couple of weeks that every one choices are on the desk. We proceed to discover what we have to do for that individual franchise going ahead.”
In the meantime, maturing regulatory frameworks in varied jurisdictions are additionally being welcomed by the worldwide change. Teng mentioned that the European Union’s Markets in Crypto-Assets (MiCA) regulation may gain advantage exchanges universally by creating standardized guidelines for the business:
“This disparate remedy, it makes life very troublesome for international platforms like for ourselves. When it comes to native deployment, we have to perceive how the foundations and laws are very completely different. So, what we hope for is harmonized requirements.”
Teng mentioned that MiCA was a “step in the correct route” in offering the 23 EU member states with a constant set of requirements, which in flip may result in a wider convergence of worldwide regulatory tips for the business.
Journal: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in
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