Binance Executive Richard Teng Denies The Firm's Similarities with FTX

As Binance faces increased regulatory scrutiny and ongoing challenges, Richard Teng, the head of regional markets for the cryptocurrency exchange, dispelled allegations of similarities with the now-bankrupt FTX.

In an exclusive interview, Teng touched on a handful of issues facing Binance and his future in the company.

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Responding to recent chatter and speculation, particularly around founder Changpeng “CZ” Zhao potentially passing the leadership torch, Teng clarified that he is not in line to claim the top position.

He also highlighted Binance's ability to navigate difficulties by addressing them individually and emphasized that the company remains financially robust.

There were different rumors and FUD after FTX. People tried to associate us, which is totally untrue. Our assets are backed one-to-one.

Comments regarding the matter came shortly after Zhao affirmed Binance's users that the company is financially stable in a recent X (formerly Twitter) post.

Regarding high-level exits from the company, Teng acknowledged that Binance's rapid growth in just six years keeps it under constant scrutiny, which he welcomed.

All this scrutiny will come from being the largest — scrutiny from regulators, scrutiny from the media — and we welcome the scrutiny.

In terms of Binance’s ongoing operations in Russia, Teng was cautious but emphasized the company’s adherence to global standards.

On our plans for Russia, we have stated very clearly in the last couple of weeks that all options are on the table. We continue to explore what we need to do for that particular franchise going forward.

Teng also welcomed the development of harmonized regulatory standards, such as the European Union’s Markets in Crypto-Assets (MiCA) regulation. He sees these emerging frameworks as beneficial for global platforms like Binance, calling them a "step in the right direction."

Richard Teng’s comments indicate that Binance is keen on maintaining its industry-leading position while embracing regulatory scrutiny as a part of its growth journey. As for rumors and speculation surrounding the company, Teng’s message is clear: Binance is far from being another FTX and is proactively addressing its challenges while keeping an eye on global regulatory developments.