The new CEO of Binance, Richard Teng, addressed compliance issues during his first interview. He admitted that the company's compliance systems had been inadequate in the past and acknowledged making mistakes. However, Teng avoided giving direct answers about Binance's governance when questioned about its global headquarters, the possibility of an audit, the number of employees, and the company's application for a license in the UK. Teng stated that he had answered each question, but his responses remained vague and unsatisfactory. He became CEO after Changpeng "CZ" Zhao stepped down following a settlement with the US Department of Justice. Teng acknowledged the mistakes made by Binance and the inadequacy of its compliance control given its size. He emphasized that the exchange aims to be both "user-led" and "compliance-led" moving forward. Teng mentioned that auditors have the necessary details but did not disclose a specific auditor. He also hinted at Binance's ability to pay the $4.3 billion fine imposed by the US Justice Department.
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