Binance has matured past cultural issues, CEO says, after $4.3 billion U.S. DOJ settlement

Binance's new CEO Richard Teng said the company has moved past cultural issues after the company was hit with a $4.3 billion fine to settle charges from the U.S. Justice Department.

Binance's new CEO Richard Teng told CNBC Tuesday the company has moved past cultural issues after the firm was hit with a $4.3 billion Justice Department settlement.Teng said that the allegations relate to events that happened in the "early stages" of the company's development, and that it has now moved into "regulatory maturity."

The DOJ had alleged Binance practised a move first, ask forgiveness later approach. Teng on Tuesday acknowledged the concerns. "But we have moved past that, as the company moved into regulatory maturity, we are moving toward sustainability."to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion.and agreed to step down. The plea deals ended a years-long investigation into the crypto exchange.

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