New Binance CEO Sees No Need for IPO as He Plots 100-Year Strategy for Crypto Exchange

Richard Teng, who succeeded founder Changpeng “CZ” Zhao as CEO of Binance, stated in an interview that the cryptocurrency exchange is in strong financial health, and therefore, an initial public offering (IPO) is not being considered. Teng clarified that Zhao, currently serving a four-month prison sentence, is no longer involved in the company’s operations, but his partner, Ye Hi, is still engaged.

Teng emphasized the importance of acknowledging and rectifying past errors, stating, “We acknowledge our past mistakes. We have paid a heavy penalty on that front.”

NEW YORK — Richard Teng ascended to lead the cryptocurrency giant Binance last year under less-than-ideal conditions, as his predecessor, Changpeng “CZ” Zhao, stepped down as part of a multi-billion-dollar settlement with the U.S. government. Despite these challenges, Teng inherited the role of CEO at a highly profitable cornerstone of the crypto industry with aspirations to further grow and mature the company.

In the nine months since taking the helm, Teng, a former regulator in both Singapore and the United Arab Emirates, has focused on transitioning Binance from a founder-led organization, as it was under CZ’s leadership, to one governed by a board of directors. While the company has remained vague about its headquarters, at one point describing itself as an “international company” and consistently denying it is a Chinese company, Teng is actively seeking a permanent home for Binance.