Richard Teng expects the community to blindly believe in Binance’s very strong fundamentals in his first blog post as the CEO of Binance.
Richard Teng, Binance’s new CEO, recently published his inaugural blog post without committing to increased transparency. Following CZ’s departure, Teng’s post, titled “My First Blog as Binance’s CEO,” aimed to instill confidence in users and the broader market regarding the exchange’s stability.
Table of Contents
Richard Teng Expects – Binance’s Fundamentals
The blog contained generic and vague statements typical of a CEO, praising Binance’s foundation and pledging commitment to growth. Teng reiterated Binance’s “freedom of money” mantra, previously emphasized by CZ.
Surprisingly, Teng claimed that Binance is “stronger than we have ever been,” despite facing a substantial $4.3 billion fine. He asserted that the exchange has addressed compliance issues and emphasized its “very strong” fundamentals. In an interview with Fortune, Teng went further, describing Binance’s fundamentals as “extremely strong.”
Yet, Teng provided no evidence to substantiate these claims. When asked about disclosing the board’s composition and financial statements, he offered no specifics but mentioned a “robust timeline.” In contrast, rival exchange Coinbase has maintained transparency for years.
Binance’s Proof of Reserves
Despite Binance’s proof-of-reserves indicating $6.35 billion in total assets, enough to cover the fine, the exchange hasn’t disclosed its liabilities. Teng’s assurances of Binance’s financial strength echo previous statements by CZ during FTX’s collapse, raising concerns.
Support from the Community
Teng concluded his blog by directly addressing Binance users and requesting their support. However, without genuine transparency, the market is likely to view such appeals as mere lip service.
Conclusion
To wrap it up, Richard Teng wants the community to show support and believe in Binance’s very strong fundamentals but the community wants genuine transparency from Binance and not just mere words.
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