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<ul>
 <li aria-level="1">Binance’s CEO, Richard Teng, confirmed that the exchange is financially strong and not considering an IPO.</li>
</ul>
<ul>
 <li aria-level="1">Binance is focused on expanding globally but has no interest in the U.S. market, prioritizing compliance.</li>
</ul>
Binance’s CEO Richard Teng, who succeeded founder Changpeng “CZ” Zhao, has affirmed that the cryptocurrency exchange has no plans for an initial public offering (IPO), in an interview with CoinDesk. Teng, a former regulator in Singapore and United Arab Emirates, said that Binance is financially independent and does not require an IPO for fundraising. The company, which has been profitable since its fifth month of operations, remains committed to maintaining the highest levels of transparency and compliance with the aim of achieving durable growth.
Teng became the CEO of Binance after Zhao left the company as a part of $4. 3 billion deal with the American regulators has been working to transform the company into a more centralized organization. Unlike Zhao’s founder-led model, Teng is steering Binance into a board of directors model.&nbsp;
<h3 id="span-style-font-weight-400-teng-highlights-binance-s-strong-finances-and-increased-compliance-spending-span">Teng Highlights Binance’s Strong Finances and Increased Compliance Spending</h3>
He further explained that the company has always been very careful with its financials and has aimed to be profitable since the beginning. “We are in very strong financial shape, so there’s really no need for us to consider any fundraising or an IPO at this time,” Teng stated. He also pointed out that Binance <a href="https://www.crypto-news-flash.com/catherine-coley-the-vanishing-crypto-pioneer-of-binance-us/" target="_blank" rel="noopener noreferrer nofollow">has been investing more in compliance</a>, increasing spending by 36% last year as part of its efforts to build better relations with regulators worldwide.
Teng has been instrumental in Binance getting licenses and addressing Regulations in many countries, including Dubai, India, Thailand, and Brazil. Teng noted that the company needs to get back on the right side of the regulators and focus on a new, cleaner strategy that would involve more compliance.&nbsp;
Despite the challenges <a href="https://www.crypto-news-flash.com/new-lawsuit-targets-cz-and-binance-for-alleged-laundering-of-stolen-cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">posed by CZ’s status as a felon</a>, Teng noted that it has not significantly hindered Binance’s ability to secure regulatory approval in many regions. He admitted that there could be some problems in some regions. However, the company has solved many of these problems and remains in constant interaction with the majority of regulators all over the world.&nbsp;
<h3 id="strong-teng-outlines-long-term-vision-for-binance-s-success-strong">Teng Outlines Long-Term Vision for Binance’s Success</h3>
However, there is one key area where Binance has not extended its services across the world, and that is the United States of America. According to Teng, Binance does not intend to increase its presence in the US and will concentrate on other regions. The crisis that Binance faced in the United States last year has made the company focus on other markets with better <a href="https://www.crypto-news-flash.com/bullish-signals-for-binance-coin-as-open-interest-climbs-higher/" target="_blank" rel="noopener noreferrer nofollow">regulatory environments </a>and business prospects.&nbsp;
Teng also added that his goal for Binance is not just to make the company succeed in the next 5 to 10 years but to make sure that the company will be successful for the next half a century to a century. This long-term vision is evident in Binance’s attempts to strengthen its compliance, increase transparency, and secure a permanent base.&nbsp;
Binance plans to recruit 1,000 employees in 2024, with the majority of them being compliance officers. The firm has committed more than $200 million for compliance and other regulatory matters this year. This expenditure shows that the exchange is keen on meeting international standards as far as regulation is concerned.&nbsp;

New Binance CEO Rejects IPO—Can Richard Teng’s 100-Year Strategy Secure the Exchange’s Future?

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