Richard Teng: Binance has transformed into a more decentralized company and will not rush to return to the US market

BlockBeats news, on August 23, according to CoinDesk, Binance's new CEO Richard Teng talked about Binance's many changes and plans in an interview. Teng said that Binance is no longer a "founder-led" model, but has transformed into "a more decentralized company" led by the board of directors. Binance has introduced 3 independent directors and gathered an experienced team of executives to take charge of daily operations. The purpose of this transformation is to strengthen corporate governance in response to an increasingly stringent regulatory environment.

Teng made it clear that Binance currently has no plans to seek an IPO. Binance is in good financial condition and has been profitable since the fifth month of 2017. It does not need to raise funds through an IPO or other financing methods. In addition, Teng also mentioned Binance's challenges in global compliance. He revealed that Binance currently has 19 regulatory licenses in various places, but in the absence of clear guidance, it still has to carefully weigh the impact of local regulation and taxation. The detention of Binance’s US employees in Nigeria is still ongoing. Teng said Binance will not rush to return to the US market, but will carefully evaluate changes in the regulatory environment.