Fun

News Feed - 2023-11-22 07:11:09

Arijit Sarkar13 hours agoNew Binance CEO Richard Teng pitches ‘very strong’ foundation to skepticsTeng’s tenure will focus on three aspects of the business as CEO: reinstating investor confidence, collaborating with regulators and driving Web3 adoption, he said.2181 Total views13 Total sharesListen to article 0:00NewsJoin us on social networksAmid ongoing confusion, uncertainty and rumors around the recent departure of Changpeng “CZ” Zhao as Binance CEO, his replacement, Richard Teng, took to X (formerly Twitter) in an attempt to boost investor confidence.


Soon after CZ announced he was stepping down, Binance critics on X shared their opinions on what lies ahead for the crypto exchange. While some sought details on the source of funds for CZ’s and Binance’s legal proceedings and settlement, which exceed $4 billion in total, others claimed mistrust due to discrepancies in Binance’s previously shared proof of reserves (PoR).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


Coinbase director Conor Grogan estimates that Binance can pay off the hefty fines imposed by the United States Department of Justice (DOJ) without selling any crypto assets.


“The fundamentals of our business are very strong,” reassured Teng as he reposted Grogan’s analysis. He said the crypto exchange generates robust revenues and profits despite low platform fees.


In his introductory X post as Binance’s new CEO, Teng stated that “the foundation on which Binance stands today is stronger than ever.” For starters, Teng said he will focus on three aspects of the business: reinstating investor confidence, collaboration with regulators and driving Web3 adoption.


Related:Breaking: Binance’s CZ to plead guilty to violating Anti-Money Laundering requirements — WSJ


For CZ, passing on the CEO torch to Binance’s former global head of regional markets seemed a natural progression of the company’s evolution. “With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead,” he said in his exit note.


CZ further confirmed his plans to remain associated with Binance as a shareholder, adding, “I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.”Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…— CZ Binance (@cz_binance) November 21, 2023


CZ said he is interested in mentoring startup entrepreneurs and will also focus on decentralized finance (DeFI) initiatives.


Magazine:Breaking into Liberland: Dodging guards with inner-tubes, decoys and diplomats# Business# United States# Cryptocurrency Exchange# Court# Department of Justice# Binance# RegulationAdd reactionAdd reactionRead moreSpot Bitcoin ETF: Why this time is differentBinance’s DOJ settlement offers a glimmer of hope for the crypto industryBinance used ‘tortured’ interpretation of law in bid to toss suit, says SEC

News Feed

Privacy Options Underutilized in Cryptocurrency Usage: Report
Privacy Options Underutilized in Cryptocurrency Usage: ReportAdvances in cryptography have not met with user enthusiasm, suggesting a disconnect between the cryptocurrency community
Analyst Says Duke Energy Corporation Is Studying Bitcoin Mining Applied to Demand Response
Analyst Says Duke Energy Corporation Is Studying Bitcoin Mining Applied to Demand Response According to the lead rates and regulatory strategy analyst at Duke Energy Corporation, t
Gareth Jenkinson13 hours agoP2P marketplaces need to become unstoppable, permissionless — Paxful co-founderA new project aims to build a peer-to-peer marketplace to facilitate censorship-resistant, permissionless tradi
Record Breaking Interest – Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices
Record Breaking Interest - Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices Bitcoin futures providers have been seeing a lot of action during the last two
Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons
Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and
US Central Bank Hikes Benchmark Rate by 75 bps, Fed’s Largest Increase Since 1994
US Central Bank Hikes Benchmark Rate by 75 bps, Fed"s Largest Increase Since 1994 The U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) on Wednesday, and
Central Bank Governor: South Africa’s Digital Currency Study Ongoing
Central Bank Governor: South Africa"s Digital Currency Study Ongoing South African Reserve Bank (SARB) governor, Lesetja Kganyago, has once again confirmed that
Digital Platform for Smart-Contracts Barter Smartplace: Future Unicorn of Decentralized Commerce Sells Tokens With a 50% Discount
Digital Platform for Smart-Contracts Barter Smartplace: Future Unicorn of Decentralized Commerce Sells Tokens With a 50% DiscountThe Barter Smartplaceblockchain ecosystem team belie
OpenAI hit with privacy complaint in Austria, potential EU law breach
Savannah Fortis1 hour agoOpenAI hit with privacy complaint in Austria, potential EU law breachAustrian data rights group Noyb filed a privacy complaint against OpenAI, accusing its ChatGPT of providing false information
Genesis purchases $2.1B of Bitcoin following GBTC sell-off
Ciaran Lyons5 hours agoGenesis purchases $2.1B of Bitcoin following GBTC sell-offThe significant Bitcoin purchase comes after Coinbase declared that the majority of the proceeds from the GBTC sell-off would “remain wit
Alipay taps Avalanche for Web3-powered voucher program
Ezra Reguerra12 hours agoAlipay taps Avalanche for Web3-powered voucher programAvalanche said the initiative allows brands to test Web3 solutions and how to create new engagement opportunities with their users.1012 Total
Pornhub Accepts Bitcoin: Top Adult Site Expands Cryptocurrency Payment Options
Pornhub Accepts Bitcoin: Top Adult Site Expands Cryptocurrency Payment OptionsPornhub now accepts bitcoin as the platform expands its cryptocurrency payment options. The leading adu