Amid reports of nearly a billion dollars worth of crypto assets getting withdrawn from Binance, the company’s new Chief Executive Officer – Richard Teng – took it to X to reassure the user base that the firm’s fundamentals are “VERY strong.”

His comments were in response to a tweet suggesting Binance managed to pay the mind-blowing $4.3 billion settlement fee with the US DOJ without selling any assets.

  • The biggest news in the crypto industry for the past several months came yesterday when the United States Department of Justice announced reaching a settlement deal with the world’s largest crypto exchange – Binance.
  • Aside from having to pay $4.3 billion to the US authorities to close all pending legal cases, Binance took another hit as its founder and CEO at the time – Changpeng Zhao – pled guilty to failing to implement proper anti-money laundering policies and had to step down.
  • Richard Teng, the former Head of Regional Markets, replaced CZ. In a statement, Teng outlined his primary focus:
  • reassuring users that they can remain confident in the financial strength, security, and safety of the company
  • collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
  • working with partners to drive growth and adoption of Web3
    • Earlier today, Teng further claimed that the exchange’s fundamentals continue to be “VERY strong” while responding to Conor Grogan – a director at the rival company Coinbase, who asserted that Binance was “most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales.”