Richard Teng, CEO of Binance, has outlined the achievements of the cryptocurrency exchange after 100 days of his leadership.
He took over Binance, the world's largest cryptocurrency exchange, on November 21, 2023, after its founder, Changpeng Zhao, pleaded guilty to violating US anti-money laundering laws.
"Since taking over as CEO, I have made it my priority to ensure and uphold Binance's user-centric principles across the company, with a focus on ensuring stability," Teng said.
The new head of Binance said that one of the cryptocurrency exchange's major achievements was increasing its client base to 178 million users, which is a direct proof of the company's user-centric policies.
In addition, Teng stressed that after settling the dispute with US regulators, the exchange continues to demonstrate very high financial performance, and its share of the cryptocurrency market by trading volume exceeded 49%.
Teng cited the introduction of a number of innovative features for retail and institutional users as another factor in customer support.
The cryptocurrency exchange launched the Binance Inscriptions Marketplace, which is integrated with the Binance Web3 Wallet to provide users with a convenient way to trade and mint various inscription tokens. Binance also enhanced its copy trading capabilities by introducing Mock Copy Trading, which allows users to practice and learn how to use virtual test funds in a secure environment.
At the same time, Binance successfully implemented a first-of-its-kind tri-party banking arrangement in the crypto industry, where an institutional investor's trading collateral is held in fiat by a third-party banking partner. This solution aims to eliminate counterparty risk, which institutional investors in the industry take extremely seriously.
Binance's CEO reiterated the exchange's commitment to compliance, as it creates security and stability in the digital asset ecosystem.
"Over the past three months, we have made significant progress in license and authorization negotiations. We have also facilitated dialogue with regulators and industry stakeholders around the world to strengthen cooperation and coordination for the sustainable growth of the crypto industry," Teng said.
Gulf Binance, a joint venture between Binance and Gulf Innova, was launched in January to provide Thai users with access to the cryptocurrency market.
The results of a comprehensive, independent SOC 2 Type II compliance audit initiated by the exchange confirmed that Binance's global platform has effectively designed and implemented system protection and data security controls.
Also in 2023, Binance expanded and strengthened its collaboration with global cryptocrime fighters, contributing to a more secure digital asset ecosystem.
At the same time, the exchange has hired Steve Christie, a world-class compliance expert, underscoring its law-abiding nature.
"Without a doubt, my first 100 days at the helm of Binance have come at an exciting new time in the history of the crypto industry. What we have achieved during this time is the result of the hard work of all Binancians, from co-founders to customer service representatives, and the support and trust of our dynamic and passionate community," said Teng.
"However, we are still very early in the new era of the crypto industry, and there will be many more ups and downs on the road to the financial freedom we seek to promote. I am determined to continue building an organization that will thrive during periods of rapid growth and remain strong and resilient during less favorable conditions for the next 100 weeks, 100 months, and 100 years. The only way I know how to do that is to focus on users, prioritize their needs, and keep improving for them. That's Binance's plan for the future," he added.
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