Binance regional markets head Richard Teng insists that the worldwide cryptocurrency trade is financially safe and by no means much like bankrupt peer FTX regardless of current regulatory scrutiny and regional challenges.
Talking solely to Journal editor Andrew Fenton in Singapore forward of the 2023 Token2049 convention, Teng addressed a wide range of completely different challenges being confronted by Binance’s regional arms in addition to taking part in down stories that he’s being groomed to take the reigns from founder Changpeng “CZ” Zhao sooner or later.
Teng stated that, whereas Binance has confronted completely different points over the previous couple of years, it has managed to sort out these on a case-by-case foundation whereas remaining financially sturdy and capable of course of buyer withdrawals.
Noticed some debates locally. If you do the fitting factor, and there’s FUD, you do not have to do something. The group defends you.
Let me summarize. There have been numerous unfavorable information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs,…
— CZ Binance (@cz_binance) September 7, 2023
Commenting on a current social media publish from CZ that highlighted “unfavorable information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs, worker turnover,” Teng stated that comparisons to the failure of FTX had been unjustified:
“There have been completely different rumors and FUD after FTX. Individuals tried to affiliate us, which is completely unfaithful. Our belongings are backed one-to-one.”
He additionally addressed current Cointelegraph exclusives that revealed high-level executives had departed Binance in addition to another report on the company’s ties with Russian banks. Teng stated that the trade’s stellar progress within the house of six years continues to depart 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 stated that Binance has not but decided concerning its franchise that serves the Russian market whereas sustaining that the corporate continues to stick to worldwide norms and requirements with regard to sanctioned entities and people:
“On our plans for Russia, we have now acknowledged very clearly within the final couple of weeks that each one choices are on the desk. We proceed to discover what we have to do for that specific franchise going ahead.”
In the meantime, maturing regulatory frameworks in numerous jurisdictions are additionally being welcomed by the worldwide trade. Teng stated 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 therapy, it makes life very tough for international platforms like for ourselves. When it comes to native deployment, we have to perceive how the principles and rules are very completely different. So, what we hope for is harmonized requirements.”
Teng stated that MiCA was a “step in the fitting route” in offering the 23 EU member states with a constant set of requirements, which in flip might result in a wider convergence of world regulatory tips for the business.