During a business trip to the United States, Binance CEO Richard Teng shared interesting information in an interview with CoinDesk on August 21st.
Regarding Binance’s performance in 2024, Richard Teng confidently shared:
“We are in very strong financial shape, so there’s really no need for us to consider any fundraising or an IPO at this time,“
An IPO (Initial Public Offering) is a way of issuing shares to the public for the first time through listing on the stock market. Richard Teng added:
“Since the fifth month of Binance’s operation, it has been profitable, and it has been very prudent in terms of spending. So [an IPO] is not a subject that has come up.“
He also mentioned that Binance’s goal is not only to succeed in the short term but also to maintain sustainability for the next 50-100 years.
When asked about the record $4.3 billion fine from the US Department of Justice (DOJ), Richard Teng shared:
“We acknowledge our past mistakes. We have paid a heavy price for that action.” He added, “Going forward, we are considering how to continue to build a sustainable and strong platform while cooperating with global regulators.“
Binance has even increased its spending on regulatory compliance by 36% compared to 2022. In 2024, Binance has reached important agreements in countries such as Dubai, India, Thailand, and Brazil.
When asked about the situation of former Binance CEO Changpeng Zhao (CZ), Richard Teng said that CZ is no longer involved in the company’s operations and the two are not in communication.
However, Teng highly appreciated the role of Ms. Yi He, the co-founder of Binance and also CZ’s wife. Teng said Yi He is still involved in various aspects of Binance and praised her as a talented and independent thinker.
As of the time of writing, the BNB token is currently trading around $577, up by nearly 3% over the past 24 hours.
However, BNB has shown a very impressive bearish candle on the monthly chart, recovering more than 30% from the $400 low set on August 5th, when global financial markets were shaken by fears of an economic recession. Since the beginning of 2024, the price of BNB has increased by 85% (from $312 to $577).
BNB holders can receive many benefits such as participating in various programs like Binance Launchpool, Binance Launchpad, and Binance Megadrop. The constant innovation efforts of the Binance exchange team have significantly contributed to the trust of holders in the BNB token.
Related news: Binance to Protect Users from $2.4 Billion in Losses in 2024
