Cryptocurrency exchange Binance CEO Richard Teng said the company has overcome cultural issues after several setbacks.

Per CNBC, during a speech at Paris Blockchain Week, Teng said that Binance has overcome cultural issues after it was hit with a $4.3 billion fine to settle charges from the U.S. Department of Justice.

“We have moved past that as the company moves into greater maturity […] We are looking at sustainability; the direction of travel is obvious towards much more compliance, which is why we’re building up a robust compliance program.”

Richard Teng, Binance CEO

When asked about Binance’s decision to appoint mostly company insiders to its board of directors, Teng said that ensuring that the talent driving Binance’s business was “unique” to meet corporate needs was critical.

“It’s a good mix of internal inputs, as well as external [ones], on how to bring this company forward as corporate stewards.”

Richard Teng, Binance CEO

Teng said the current board composition was focused on making appropriate technology and product enhancements to move toward a solid, sustainable business.

On Nov. 21, 2023, Teng took over as CEO of Binance after the departure of founder Changpeng Zhao, who left the post as part of a deal with the U.S. Department of Justice. The platform also agreed to pay $4.3 billion in fines.

The new CEO promised to transform the cryptocurrency exchange and implement a traditional corporate structure. Teng said the latter presupposes a board of directors, headquarters, and financial transparency.