New Binance CEO says company fundamentals remain strong despite $4.3b DoJ fine
Newly appointed Binance CEO Richard Teng has reiterated his confidence in the exchange’s financial health even after agreeing to a massive $4.3 billion penalty from U.S. authorities. In response to comments from Conor Grogan, a Coinbase executive, praising Binance’s latest proof-of-reserves report on Nov. 22, Teng asserted that platform fundamentals stay robust across trading volumes, expenses, revenues, and profits. Grogan observes that Binance possesses significant crypto asset reserves, with $6.35 billion verified in its reserves report. Additional unaccounted for cash and wallet balances further reinforce assets. I backed out Binance Corporate's crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins Doesn't include off-chain cash balances or funds held in wallets not in PoR Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales pic.twitter.com/GK45EwRSPO — Conor (@jconorgrogan) November 21, 2023 The C...