Binance CEO Richard Teng refuses to disclose the global headquarters location.

Just as Binance's newly appointed CEO Richard Teng recently stated the exchange's commitment to transparency, in an interview with Financial Times, he declined to disclose the global headquarters location. Teng mentioned that Binance has undergone audits in jurisdictions where it is regulated, but refused to reveal the name of the auditing firm.

New CEO to Lead Binance's Transformation into Traditional Financial Company

Binance founder Changpeng Zhao (CZ) has accepted a plea deal and stepped down as CEO, with Richard Teng, who has extensive experience in regulation, taking over. In his inaugural statement, Richard Teng emphasized that he will lead the Binance team using all he has learned from his thirty years of financial services and regulatory experience. He also plans to replace CZ's signature move of "4" with the number "3," symbolizing his three commitments as CEO of Binance:

1. Always prioritize users

2. Collaborate with regulatory bodies to maintain standards

3. Work with partners to develop Web3

Binance CEO Richard Teng was interviewed, admitting the challenge of replacing CZ and explaining the significance of the new gesture "3."

In a recent interview with Fortune, Teng emphasized that he will leverage his regulatory expertise to guide Binance's transformation from a tech startup to a traditional financial company. He also mentioned that structures such as the board, address, and financial transparency will be put in place, with financial data set to be shared soon, as audits and regulations will require such information.

Fortune interviews Richard Teng, who aims to lead Binance's transformation into a traditional financial company leveraging regulatory advantages

Richard Teng: No Need to Disclose Company's Location

However, at the Financial Times Cryptocurrency and Digital Asset Summit in London, Teng refused to disclose the exchange's location and instead questioned the reporters:

Teng stated that Binance has undergone audits in its regulated jurisdictions but declined to reveal the name of the auditing firm. He emphasized that the company has provided necessary information to regulatory authorities.

Binance's Market Share Continues to Decline

According to data from The Block, Binance's market share in non-USD exchanges has dropped from 70% in December 2022 to 43% this month.

Teng mentioned that as Binance became the first exchange outside the U.S. to enforce "Know Your Customer" (KYC) requirements on its user base, capital outflows were anticipated. He added that despite facing new regulatory restrictions and preparing to pay the largest corporate fine in U.S. history, Binance still has resources to remain competitive. He also emphasized that the exchange's fate is on the path to recovery following agreements with U.S. authorities.