Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’
Binance regional markets head Richard Teng insists that the global cryptocurrency exchange is financially safe and in no way comparable to insolvent peer FTX regardless of recent regulatory analysis and local difficulties. Teng said that, while Binance has actually faced different issues over the past couple of years, it has actually managed to tackle these on a case-by-case basis while remaining financially strong and able to process customer withdrawals.Saw some disputes in the community.” Teng said that Binance has not yet made a choice concerning its franchise that serves the Russian market while keeping that the company continues to adhere to global standards and requirements in regards to approved entities and people:” On our plans for Russia, we have stated very clearly in the last couple of weeks that all alternatives are on the table.
Binance regional markets head Richard Teng insists that the international cryptocurrency exchange is economically protected and in no chance comparable to insolvent peer FTX despite recent regulatory analysis and local challenges. Speaking solely to Magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng dealt with a variety of different obstacles being faced by Binances local arms along with soft-pedaling reports that he is being groomed to take the reigns from creator Changpeng “CZ” Zhao in the future.Binance head of local markets Richard Teng speaking at Ethereum Singapore 2023 Teng said that, while Binance has faced various concerns over the previous number of years, it has managed to take on these on a case-by-case basis while remaining financially strong and able to process customer withdrawals.Saw some arguments in the neighborhood. When you do the right thing, and there is FUD, you dont need to do anything. The neighborhood defends you.Let me summarize. There have been a great deal of unfavorable news/rumors, bank runs, claims, closing of fiat channels, item wind downs, …– CZ Binance (@cz_binance) September 7, 2023.
Talking about a recent social media post from CZ that highlighted “unfavorable news/rumors, bank runs, claims, closing of fiat channels, product wind downs, employee turnover,” Teng stated that contrasts to the failure of FTX were unjustified:” There were various reports and FUD after FTX. Individuals attempted to associate us, which is absolutely untrue. Our properties are backed one-to-one.” He also resolved current Cointelegraph exclusives that exposed top-level executives had actually departed Binance in addition to another report on the companys ties with Russian banks. Teng said that the exchanges excellent development in the space of 6 years continues to leave it in the spotlight.” All this scrutiny will originate from being the biggest– examination from regulators, analysis from the media– and we invite the scrutiny.” Teng stated that Binance has not yet made a decision regarding its franchise that serves the Russian market while preserving that the business continues to abide by global norms and standards in regards to sanctioned entities and people:” On our prepare for Russia, we have stated very clearly in the last number of weeks that all choices are on the table. We continue to explore what we require to do for that particular franchise going forward.” Meanwhile, developing regulative structures in different jurisdictions are likewise being welcomed by the international exchange. Teng said that the European Unions Markets in Crypto-Assets (MiCA) guideline might benefit exchanges universally by developing standardized guidelines for the industry:” This diverse treatment, it makes life really hard for global platforms like for ourselves. In regards to regional release, we require to understand how the rules and regulations are very various. So, what we wish for is harmonized standards.” Teng stated that MiCA was a “action in the ideal instructions” in offering the 23 EU member states with a constant set of requirements, which in turn might result in a larger convergence of worldwide regulative guidelines for the industry.Magazine: How to safeguard your crypto in an unstable market: Bitcoin OGs and professionals weigh in