Binance CEO: The company's development direction is to achieve more compliance

ChainCatcher news, according to Bitcoin.com, Binance CEO Richard Teng outlined the company's future plans during an interview with CNBC on Tuesday. Previously, Binance had reached a settlement with U.S. authorities, including the Department of Justice (DOJ).

When discussing concerns raised by the company's past practices, Teng stated that the allegations against Binance involve activities from the "very early stages" of the company's development, when "the rules were just emerging" and "not clear." He emphasized, "But as the company matures, we have moved beyond that stage… We are focusing on sustainability; the direction of development is very clear, which is to achieve more compliance, and that is why we are building a very robust compliance program."

Recently, Binance established its first board of directors, a decision that has drawn attention due to the majority being internal personnel, with only a few non-executive directors. Teng defended the decision, emphasizing that the board needs to have a deep understanding of Binance's unique business model. "In terms of how to lead the company forward, this is a good combination of internal and external opinions."

Additionally, Binance has not yet decided on the location of its official global headquarters. Teng confirmed that Binance is considering several options, but he noted that choosing the right location is a "very careful process." He pointed out that selecting the right location "is not easy," emphasizing that the company needs to find a jurisdiction with a regulatory framework that can "accommodate the breadth and depth of our products," serve its users, and "whether we can establish more headquarters personnel there." Paris had previously been mentioned as a potential global headquarters location.