Binance CEO Changpeng Zhao (CZ) recently stepped down and was replaced by Richard Teng amidst over $4 billion in fines levied against the exchange globally. New CEO Richard Teng responded to speculation about Binance’s strategy and ability to pay the massive penalties.
Teng cited Binance’s latest proof-of-reserves report showing $3.19 billion in stablecoins as evidence of the company’s strong financial standing. He stated they could handle the fines with their debt-free capital structure. Crypto payments processor BitPay also aims to enable crypto mortgage payments, highlighting the technology’s evolution.
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