Binance CEO: The company is in good financial condition and is not considering an IPO for now. He Yi is a "key member" of the management team

Odaily Odaily News Binance CEO Richard Teng said in an interview that Binance is currently in a sound financial position and is not considering financing or IPO. The company has been profitable since its fifth month of establishment and is very cautious in spending. Teng said that Binance's efforts to improve transparency - including a 36% increase in compliance spending last year compared to 2022, and the search for a long-term headquarters - are to establish better relationships with global regulators, thereby guiding the company in a more future-oriented direction. "This is actually about building a sustainable business that will not only succeed in the next few years, but will continue to prosper in the next 50 to 100 years." Binance currently has no plans to expand into the U.S. market, and its focus is on markets outside the United States. Speaking of CZ, Teng said that as part of the settlement agreement with the United States, CZ could not participate in the company's operations. But CZ's partner and Binance co-founder He Yi is still a "key member" of the management team. He Yi is involved in all aspects of the business and is in charge of Binance's human resources department, and joked that he is Binance's chief customer service officer. Teng called He Yi"a very talented and independent-minded person." When asked whether Binance was considering raising funds to dilute CZ's ownership of the company, Teng objected, saying that these issues should be decided by the exchange's shareholders and board of directors. He also stressed the importance of Binance clarifying its mistakes to global regulators, making up for past mistakes, and advancing its business in a more transparent and regulated manner. In addition, Teng urged the Nigerian government to release Binance's US employee Tigran Gambaryan, who has been detained in Nigeria since February. (CoinDesk)