Binance's Richard Teng denies FTX comparisons: 'We welcome the scrutiny'

cointelegraph.com:

Binance regional markets head Richard Teng insists that the global cryptocurrency exchange is financially secure and in no way similar to bankrupt peer FTX despite recent regulatory scrutiny and regional challenges,

Speaking exclusively to Cointelegraph Magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng addressed a variety of different challenges being faced by Binance’s regional arms as well as playing down reports that he is being groomed to take the reigns from founder Changpeng ‘CZ’ Zhao in the future.

Teng said that while Binance has faced different issues over the past couple of years, it had managed to tackle these on a case to case basis while the company remained financially strong and able to process customer withdrawals.

He also addressed recent Cointelegraph exclusives that revealed high-level executives had departed Binance as well as another report on the company’s ties with Russian banks. Teng said that exchange’s stellar growth in the space of six years continues to leave it in the spotlight:

Teng said that Binance has not yet made a decision regarding its franchise that serves the Russian market, while maintaining that the company continues to adhere to international norms and standards in regards to sanctioned entities and individuals:

Meanwhile maturing regulatory frameworks in various jurisdictions is also being welcomed by the global exchange. Teng said that the European Union’s Markets in Crypto-Assets (MiCA) regulation could benefit exchanges universally by creating standardized rules for the industry:

Teng said that MiCA was a “step in the right direction” in providing the 23 EU member states a consistent set of standards, which in turn could lead to a wider