Binance CEO Richard Teng speaks at the Paris Blockchain Week Summit in Paris, France, on Tuesday, April 9, 2024.
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New Binance CEO Richard Teng said the company has overcome cultural issues after the company was fined $4.3 billion to settle charges from the U.S. Department of Justice.
The U.S. Department of Justice claimed that Binance adopted a practice of taking action first and asking for leniency later. Teng acknowledged those concerns on Tuesday.
“In the early stages of development…Binance was operating in a different way,” Teng told CNBC’s Arjun Kharpal at the Paris Blockchain Week crypto conference in Paris, France on Tuesday.
“But as corporate governance matures, we’ve moved beyond that and we’re moving towards sustainability.”
In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, which included a forfeiture of $2.5 billion and a fine of $1.8 billion.
Former Binance CEO Changpeng Zhao was accused of violating the Bank Secrecy Act and agreed to resign. The plea agreement ends a years-long investigation into the cryptocurrency exchange.
This is an ongoing breaking news story. Please check back for updates.
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