Binance, the bitcoin exchange, will open a headquarters and form a board of directors as soon as possible, said co-founder Yi He.
Alarmist talk will not kill Binance, it will only make more people stand with Binance. Because this is an era of highly transparent information, if you want, you can #DYOR!
Technology changes the world. https://t.co/zqieqfvAbb— Yi He (@heyibinance) December 9, 2023
“Panicked talk will not kill Binance, it will only prompt more people to stand with it. Because this is an era of high transparency. If you want, you can DYOR! Technology changes the world,” she wrote.
In response, a user cheekily asked the entrepreneur where Binance’s headquarters are, given her talk of high transparency.
“Binance is at the early stage of a tech company. We will open the headquarters and form a board of directors as soon as possible. Although this is not directly related to transparency and success, it aligns with the image of a ‘financial institution’. Have you used Panama-based FTX? Happy for you,” Yi replied.
Earlier, new Binance CEO Richard Teng promised to transform the cryptocurrency exchange and implement a traditional corporate structure. The latter entails a board of directors, a headquarters, and financial transparency, he said.
On November 21, Teng took the post as Binance’s CEO, replacing founder Changpeng Zhao (CZ), who stepped down as part of a deal with the U.S. Department of Justice. The platform also agreed to pay a $4.3 billion fine.
CZ posted a $175 million bond to remain at liberty until the verdict was announced on February 23, 2024. However prosecutors sought to bar him from leaving the United States, fearing flight.
As risks, they cited substantial wealth outside the country and minimal ties to it. The court granted the motion.