Binance's top manager urged not to compare the exchange with FTX
Date: 2023-09-12 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Binance Regional Markets Director Richard Teng urged not to compare the platform with the bankrupt company FTX. Cointelegraph reports this.
“After FTX went bankrupt, there were various rumors and people expressed dissatisfaction. They tried to compare us, which is fundamentally wrong. Our assets are secured 1:1,” Teng emphasized.
The regional markets director said the exchange is excited about the new challenge. This concerns not only verification from regulators, but also from the media, as well as the community, he noted.
Problematic counterparties were removed, and then two regional top managers left the company. According to Teng, a final decision in this area has not yet been made.
He emphasized that Binance continues to adhere to international norms and standards regarding sanctioned entities. At the same time, the platform is “considering all options,” the top manager noted.
Teng supported the integration of the MiCA regulatory framework. In his opinion, this will benefit all crypto exchanges, as it will create uniform standards for the industry as a whole.
Let us remind you that Teng took the position of director of regional markets in May 2023. Previously, he worked in the supervisory authorities of Singapore and the UAE.
It is noteworthy that earlier parallels between FTX and Binance were drawn by the Chairman of the US Securities and Exchange Commission, Gary Gensler. In his opinion, this is reflected in the fact that both organizations use subsidiaries to redistribute funds.
