Binance CEO: There were compliance loopholes in the early development of Binance, and we will pay close attention to compliance in the future

ChainCatcher news, according to Cointelegraph, Binance's new CEO Richard Teng stated that since 2017, Binance has paid a heavy price for the mistakes made during its rapid development, with early compliance deficiencies leading to a $4.3 billion settlement fine.

He mentioned that Zhao Changpeng transformed a 6-person team into a global operation with thousands of employees to serve an estimated over 166 million users. "In the early days of building the company, there were gaps in compliance. This led to all these violations and mistakes, but these are historical legacy issues."