November 21, 2023

New Binance CEO Teng’s First Job Is to Avert Customer Exodus

Source: Bloomberg

Journalists: Ben Bartenstein, Suvashree Ghosh, Anna Irrera

Binance exploded onto the crypto scene in 2017 and saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.

“This criminal and civil resolution allows Binance to potentially start a new chapter,” said Alex Zerden, a former US Treasury official whose firm Capitol Peak Strategies advises crypto businesses. “However, the company will be under rigorous monitorships for the next several years and must show genuine and material changes in behavior to avoid further enforcement actions by the US government.”

Read the full story and more from Bloomberg.

Authors

  • Alex Zerden

    Adjunct Senior Fellow, Energy, Economics, and Security Program, Founder and Principal, Capitol Peak Strategies LLC

    Alex Zerden is the founder and principal of Capital Peak Strategies LLC, a FinTech, digital asset, and emerging technologies advisory firm. As a regulatory lawyer, economic po...