Richard

Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">Newly appointed Binance CEO Richard Teng has reiterated his confidence in the exchange’s financial health even after agreeing to a massive $4.3 billion penalty from U.S. authorities.</p>
 <p>In response to comments from Conor Grogan, a Coinbase executive, praising Binance’s latest proof-of-reserves report on Nov. 22, Teng asserted that platform <a rel="noopener noreferrer nofollow" title="fundamentals" href="https://thebittimes.com/tag/fundamentals.html">fundamentals</a> stay robust across trading volumes, expenses, revenues, and profits.</p>
 <p>Grogan observes that Binance possesses significant crypto asset reserves, with $6.35 billion verified in its reserves report. Additional unaccounted for cash and wallet balances further reinforce assets.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">I backed out Binance Corporate's crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins <br><br>Doesn't include off-chain cash balances or funds held in wallets not in PoR<br><br>Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales pic.twitter.com/GK45EwRSPO</p>— Conor (@jconorgrogan) November 21, 2023
   </blockquote>
  </div>
 </figure>
 <p>The Coinbase director continued to endorse Binance, adding that though the U.S. Department of Justice (DOJ) fine is substantial, deferred payment options – believed to be around 15 months – combined with the exchange’s capitalization suggest the penalty can be absorbed without liquidating positions or affecting user holdings.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance founder&nbsp;Changpeng Zhao addresses his employees in internal memo
 </div>
 <p>In a note to customers on Nov. 22, Binance said U.S. regulators explicitly did not implicate the exchange in misappropriating customer funds or manipulating prices. However, as the exchange “turns a new page,” founder Changpeng Zhao has stepped down as CEO but maintains indirect oversight as a majority shareholder. Richard Teng, the former Global Head of Regional Markets, takes over from Zhao.</p>
 <p>Binance also emphasized that despite settling U.S. investigations, it will continue upholding core values around customer asset security. With the firm on steady financial footing per multiple audits, supporters believe Binance retains operational viability, barring further legal shocks.</p>
 <p>On Nov. 21, Changpeng Zhao resigned from his position and pleaded guilty to violating U.S. anti-money laundering laws. As part of a $4.3 billion settlement, Zhao also agreed to pay $50 million.</p>
 <p>Bitcoin prices pulled back following this news but continue to maintain an uptrend, as visible in the daily chart. The immediate resistance level remains at around $38,000.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> FTX token FTT reaches $3.63, trading volume skyrockets&nbsp;
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-binance-ceo-says-company-fundamentals-remain-strong-despite-4-3b-doj-fine-tbt71187.html">https://thebittimes.com/new-binance-ceo-says-company-fundamentals-remain-strong-despite-4-3b-doj-fine-tbt71187.html</a></p>

New Binance CEO says company fundamentals remain strong despite $4.3b DoJ fine

TheBitTimes

Inne artykuły opublikowane 22 lis 2023

What Is Blast? Ethereum Staking L2 That Spiked by 20,000% in TVL

HECO Chain Bridge Hacked, $86.6 Million in Digital Assets Drained

Ripple CTO Reacts to OpenAI and Sam Altman Saga With Relevant Joke and Major Note

Genesis vs. Gemini: $689M Legal Battle Unveils Crypto Chaos

Ethereum Price Shows Signs of Recovery Amidst Market Uncertainty

Celebrating Kaspa's 2nd Birthday: $1M Airdrop campaign with OKX, Coinpal.io

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!