According to Richard Teng of Binance, the crypto giant exchange Binance has grown excellently for the past six years. As a result, they have become the target of various regulatory bodies.
However, he insists that despite all the regulatory scrutiny and scrutiny by the media, Binance cannot be compared to the fallen FTX exchange.
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After all, despite the different legal battles that Binance has been fighting for the past two years, the exchange still manages to handle the cases one after the other and stays strong financially to support customer withdrawals.
In Brief
- The regional markets executive of the global crypto exchange maintains that Binance is secure financially. Moreover, despite the recent battles with regulatory bodies and regional challenges, Binance is still different from its fallen peer, FTX.
- He further said that FTX experienced rumors and FUD, which Binance didn’t. So, comparing FTX to Binance, which has backed its assets one-to-one, is unfair.
- In his statement to a reliable news outlet in Singapore before the 2023 Token2049 conference, Binance’s regional markets head discussed various challenges the global crypto exchange regional branches faced.
- Furthermore, Teng downplayed the rumors, making rounds that he was in line of succession to the throne and specially trained to succeed CZ (Chanpeng Zhao).
What’s Happening In Crypto Today?
At the time of this writing, the price of Bitcoin is at $25,582.57, with a drop in market cap by 0.82% and an increase in trading volume by 67.94%.
Ethereum is, at the moment, selling at $1,586.88, with a drop in market cap by 2.30% and an increase in trading volume by 129.49%.
- The price of the USD Coin is currently at $0.9999, with an increase in market cap by 0.01% and an increase in trading volume by 81.65%.
- XRP, on the other hand, is presently trading at $0.4704, with a drop in market cap by 5.87% and an increase in trading volume by 163.13%.
- Cardano is currently trading at $0.2435, with a drop in market cap by 2.73% and an increase in trading volume by 27.27%.
- Meanwhile, Dogecoin is selling at $0.06026, with a drop in market cap by 2.56% and an increase in trading volume by 39.34%.
- Solana is selling at $17.72, with a drop in market cap by 3.57% and an increase in trading volume by 17.96%.
