Richard Teng, the head of Binance, the world’s largest cryptocurrency exchange, said that they will start to disclose the company’s balance sheet.
According to information provided by Fortune, Binance, Under the CEOship of Richard Teng will adopt a more traditional company structure. Teng said that in this context, the company will have a certain address and board of directors.
“We all know auditors want these things, but regulators will want all these things too. That’s why, as an organization, we are committed to transparency.” said Teng, They will also announce their balance sheets he said but this When will they do it? did not share.
Binance never shared detailed reports about its financial situation under Changpeng Zhao. The company settled last week for $4.3 billion for violating U.S. money laundering and sanctions laws.
Binance still a young company Teng said that the company has been some “missteps” He stated that they made mistakes but they learned from them.
From Binance following the agreement with the Ministry of Justice assets worth approximately $1 billion output. Saying that they foresee this, Teng believes that the new changes they will make in accordance with the law will be beneficial in the long run:
“We are starting off with a strong position. The fundamentals of our business are extremely strong. “Our capital structure is debt-free and our revenue and earnings remain solid.”