TechFlow reported, according to Cointegraph, that Binance's newly appointed CEO Richard Teng said in an interview that the company has paid a heavy price for the mistakes made during its early rapid growth.
Teng stated, "There were gaps in compliance during the early days of the company's formation. This led to all these violations and errors, but these are historical issues. Binance has always ensured the safety of user funds. U.S. regulators have conducted very detailed reviews of our business, and there have been no allegations whatsoever regarding misappropriation of user funds."
He also said that from now on, Binance will place a high emphasis on compliance. The company has already "invested heavily" in this area, with key roles in its compliance team filled by individuals who have backgrounds at regulatory bodies such as the U.S. Securities and Exchange Commission (SEC), and at traditional financial institutions like Morgan Stanley and Barclays.
