- Richard Teng, Binance’s new CEO, asserted Binance’s financial standing on Twitter.
- Coinbase (NASDAQ:COIN) Director Conor Grogan provided a breakdown of Binance’s financials.
- Binance recently finalized a $4.3 billion settlement with U.S. authorities.
In the wake of the recently unveiled $4.3 billion settlement between Binance and U.S. authorities, the newly appointed CEO, Richard Teng, took to Twitter to assert the cryptocurrency exchange’s financial standing.
The fundamentals of our business are VERY strong.Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
Teng’s comments were in response to a statement by Coinbase Director Conor Grogan, who had dissected Binance Corporate’s crypto holdings and suggested the company could cover the substantial fine without resorting to crypto asset sales.
Teng highlighted the core strengths of Binance’s business model, stating, “The fundamentals of our business are very strong.” He pointed out …
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