Binance's Co-founder Confirms Plans for Crypto Exchange Transformation
Date: 2023-12-10 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
In an era where information is transparent, Binance's co-founder, Yi He, has reassured the crypto community about the exchange's future plans. Amid concerns and speculations about Binance's fate, Yi He's statement aims to instill confidence.
Yi He responded to questions from the crypto community with a tweet: "Alarmist talk will not kill Binance, it will only make more people stand with Binance. Because this is an era of highly transparent information, if you want, you can #DYOR!" She emphasized the transformative power of technology.
Yi He's statement came in response to inquiries about Binance's headquarters and its claims of transparency. She explained, "Binance is still at the beginning of its journey as a tech company. We will open our headquarters and establish a board of directors as soon as possible. Although this isn't directly related to transparency and success, it aligns with the image of a financial institution. Have you used FTX, based in Panama? Happy for you," she added, referring to another cryptocurrency exchange.
This announcement follows Binance's new CEO, Richard Teng's, promise to transform the cryptocurrency exchange and introduce a traditional corporate structure, including a board of directors, headquarters, and financial transparency.
On November 21, Teng assumed the role of CEO, replacing the company's founder, Changpeng Zhao (CZ), who stepped down as part of a deal with the U.S. Department of Justice. As part of the deal, the platform also agreed to pay a $4.3 billion fine.
To remain free until his verdict on February 23, 2024, CZ had deposited $175 million as bail. However, prosecutors sought to prevent him from leaving the United States, fearing he might flee. Citing significant wealth outside the country and minimal ties, the court granted the request.
