Amid face-off with Nigerian govt, New Binance CEO promises regulatory compliance

Amid an ongoing legal face-off with the Nigerian government, one of the world’s top crypto platforms, Binance Holding Limited has promised to comply with laid down rules and regulations.

Binance’s new Chief Executive Officer, Richard Teng, who spoke with journalists during a cryptocurrency conference in Paris, France, on Tuesday, said he aims to make Binance a “user-focused and user-first organisation” that helped propel its success.

He, however, said Binance must be compliance-focused, adding that an additional regulation of the sector would provide greater clarity for industry players.

Teng said: “We want to make sure that compliance also becomes a competitive advantage.”

He said Binance had spent hundreds of millions of dollars on compliance and was working very closely with regulators, including putting into place at their insistence a global board of directors with three independent directors.

READ ALSO: Binance executive pleads not guilty to money laundering charges, remanded in Kuje prison

“Our board of directors will become our stewards guiding us in terms of direction to go, making sure that we adopt the best practices,” the CEO added.

Binance has been under the Nigerian government’s radar recently, with the Central Bank of Nigeria (CBN) blaming the organisation for the naira’s depreciation against the dollar and money laundering allegation.

A further crackdown by security authorities led to the detention of two employees, an American, Tigran Gambrayan, and a British Kenyan, Nadeem Anjarwalla who later escaped from detention.

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