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Binance has matured past cultural issues, CEO says, after $4.3 billion U.S. DOJ settlement

Binance has matured past cultural issues
Bloomberg | Getty Images Bloomberg | Getty Images
Binance has matured past cultural issues
Bloomberg | Getty Images Bloomberg | Getty Images

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Binance has matured past cultural issues: Following the imposition of a $4.3 billion fine to settle accusations from the U.S. Justice Department, Binance’s new CEO Richard Teng declared that the business had addressed cultural issues.

According to the DOJ, Binance acted first and then asked for forgiveness. On Tuesday, Teng confirmed these worries.

Paris Blockchain Week was a crypto conference in Paris, France, where Teng told CNBC’s Arjun Kharpal that Binance was operating differently in its early phases. “But we have moved past that, as the company moved into regulatory maturity, [and] we are moving toward sustainability.”

Binance settled with the United States government for $4.3 billion in November, with $2.5 billion going toward forfeiture and $1.8 billion toward fines.

After agreeing to resign, Changpeng Zhao, CEO of Binance, was charged with breaking the Bank Secrecy Act. A lengthy investigation into the cryptocurrency exchange came to a close with the plea pleas.

The Department of Justice (DOJ) said in the November settlement with Binance that former CEO Zhao “told employees it was ‘better to ask for forgiveness than permission,’ and prioritized Binance’s growth over compliance with U.S. law,” according to legal documents.

Binance was further accused by U.S. officials of enabling transactions between users in the US and users in countries hit hard by U.S. sanctions.

The decision to put Binance’s profit and expansion over compliance with the BSA led to these illicit transactions, according to the Justice Department.


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