But do you expect the founder – which is synonymous with the company – is the biggest shareholder?
In the context of the construction we are trying to make, we are very clear: one-in-class, durable and global platform. Then, I work closely with senior management and board of directors on that front.
How would you like to think about the difference between the CZ Yuga and Richard Teng Yuga?
CZ started building the company in 2017, when the scenario was completely different: no institutions were hugging it, and there were no rules and regulations. It was a very, very different environment.
When I took over, we had to customize the company in a new environment – one that is going to be very obedient in nature. There is going to be a lot of regulatory clarity, even if there will be lack of incompatibility and harmony [between jurisdictions.]
We have invested very heavy in our compliance program. Now we are the most regulated exchanges globally, with twenty-one different regulatory approval. This is the way forward.
What special changes you have implemented to ensure that the types of troubles in the past – which motivate the CZ to serve the prison time – cannot recur in the company?
Last year, I believe that we kept one hundred different courses and programs for law enforcement agencies about investigation techniques. Crypto is an detectable technique. We want to highlight ways to use this technique to prevent, detect and prevent bad actors in space.
To ensure that we have a permanent future and can maintain all these illegal financial crimes, we want to work very closely with our rivals and law enforcement agencies.
Under the disposal with the US Department of Justice, Binance must be submitted to inspect by external bodies. What does it look like from a practical point of view?
We have two sets of external monitor: one appointed by a DOJ and by a financial offense enforcement network. We work closely with both sets.
Our interests have been aligned: to ensure that we invest and enhance our compliance program. If there is a blind spot that we do not pick up, compliance monitors are to help. What they have, ask for data, and make recommendations on areas we need to improve.
For me, this is very useful, because it is not just we beating our chest, but rather an independent lens to say that we are all doing the right thing.
In the past, Binance has cast itself as a global company without headquarters. How has it changed under your leadership?
This is something that we are paying a lot of attention to. As we are regulated globally, the two basic things that the regulator will ask is for the board of directors – which we have appointed – and a global headquarters.
Discussion [over the location of a global headquarters] Many factors are necessarily complex with: can we make our talent the basis in that country, what is the regulatory structure, and so on. But we are in deep discussion with many courts.