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Markets: 940
Marketcap: $ 2.05 T(0.79%)
24h Vol: $ 87.19 B
BTC Dominance: 48.87%

Binance CEO Teng Acts to Repair Past Compliance Issues

Binance CEO Richard Teng is adopting a new, more collaborative leadership style to move past compliance mistakes and regulatory battles the exchange has faced in recent years.

Changing Course

Teng acknowledges that Binance made compliance missteps in its early years that led to regulatory issues and restrictions in some jurisdictions. However, he says the company has learned from these mistakes and is focused on moving forward on the right foot.

Teng described his previous leadership style as “messianic” and says he now aims for a more inclusive and collective approach that engages employees, regulators, and stakeholders. He wants to build trust that Binance has truly changed course and will responsibly serve the industry and users going forward.

Signs of Recovery

Although Binance saw some initial fund outflows during the peak of its regulatory battles, Teng says the situation has now stabilized. The exchange is seeing robust crypto inflows and strong user growth has resumed.

However, Binance will not disclose the location of its global headquarters, only announcing regional hubs in France and Dubai for now. Teng says the company wants to avoid “putting all eggs in one basket.”

The Bitcoin ETF Landscape

As reported by EL PAÍS, Fidelity has set a 0.39% management fee for its upcoming Bitcoin ETF. Other firms like Invesco’s Galaxy ETF will initially waive fees and then charge 0.59%.

Fidelity and WisdomTree have revealed their authorized participants for the ETFs, including Jane Street Capital.

Miners Eye In-House Trading

As reported by Bloomberg, Bitcoin miner CleanSpark plans to launch an in-house trading desk in 2024.

The goal is to better manage Bitcoin holdings and maximize returns, potentially through the use of regulated offerings like CME options contracts. CEO Zachary Bradford believes in-house trading desks offer miners better risk management.

CleanSpark will continue to use cold storage security services like Coinbase Custody for asset security.

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