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Binance has matured past cultural issues, CEO says, after $4.3 billion U.S. DOJ settlement

Binance CEO Richard Teng at the Paris Blockchain Week summit in Paris, France, on Tuesday, April 9, 2024. 

Bloomberg | Bloomberg | Getty Images

Binance’s new CEO Richard Teng said the company has moved past cultural issues after the company was hit with a $4.3 billion fine to settle charges from the U.S. Justice Department.

The DOJ had alleged Binance practised a move first, ask forgiveness later approach. Teng on Tuesday acknowledged the concerns.

“In those very early stages of development … Binance was operating in a different fashion,” Teng told CNBC’s Arjun Kharpal on Tuesday at the Paris Blockchain Week crypto conference in Paris, France.

“But we have moved past that, as the company moved into regulatory maturity, [and] we are moving toward sustainability.”

In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion.

Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down. The plea deals ended a years-long investigation into the crypto exchange.

This is a breaking news story that is being updated. Please check back for updates.

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