Richard

The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets <a href="https://bitcoinist.com/binance-teng-eyed-as-possible-ceo/" target="_blank" rel="noopener nofollow">Richard Teng</a> has recently expressed his confidence in the crypto company’s fundamentals. 
<h2 id="binance-fundamentals-shows-strength-amid-challenges-new-ceo">Binance Fundamentals Shows Strength Amid Challenges, New CEO</h2> 
Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to <a href="https://twitter.com/_RichardTeng/status/1727214060406808920?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1727214060406808920%7Ctwgr%5E31ba37f52bafee8ed57613cc55bf6c526723f0c4%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoinpedia.org%2Fnews%2Fbinance-new-ceo-says-the-companys-fundamentals-are-very-strong%2F" target="_blank" rel="noopener nofollow">share</a> his belief in the company. According to Teng, the fundamentals of the company’s business are still solid.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-35650/" target="_blank" rel="noopener ">Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why</a> 
Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits. 
Teng said: 
<blockquote>
 Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.
</blockquote> 
Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the <a href="https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/" target="_blank" rel="noopener nofollow">DOJ’s $4 billion fine</a>. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.” 
In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read: 
<blockquote>
 I backed out Binance Corporate’s crypto holdings from their Proof of Reserves:&nbsp; $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 <a href="https://www.newsbtc.com/news/binance-drama-causes-crypto-prices-to-drop/" target="_blank" rel="noopener ">crypto asset</a> sales.
</blockquote> 
<h2 id="changpeng-cz-zhao-pleads-guilty-to-crime">Changpeng CZ Zhao Pleads Guilty To Crime</h2> 
This is so significant that despite the craze following former Binance’s&nbsp; <a href="https://www.newsbtc.com/binance/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down/" target="_blank" rel="noopener ">CEO Changpeng CZ Zhao</a>, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently <a href="https://www.youtube.com/watch?v=JQP3HMD3Pfc&amp;t=42s" target="_blank" rel="noopener nofollow">pleaded guilty</a> to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea. 
In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/3idZNGx7/" alt="Binance BNB" width="2301" height="1461">

Binance New CEO Affirms Strength In Company’s Fundamentals

Table of Contents

NewsBTC

Alte articole publicate pe 22 nov. 2023

Is the demand for NEAR increasing?

Why Are Investors Eyeing Ethereum Classic (ETC) Amidst a Market Shake-Up?

Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today?

SHIB Consolidates Above Support: Launchpad for Next Rally?

CoinGecko Aims to Expand Crypto API Following Zash Acquisition

WLD Bounces Back, Eyes New ATH As Altman Reinstated At OpenAI

Join our free newsletter for daily crypto updates!