New Binance CEO Sees No Need for IPO as He Plots 100-Year Strategy for Crypto Exchange

Binance's Richard Teng, who replaced founder Changpeng "CZ" Zhao as CEO, said in an interview that the crypto exchange is in strong financial shape, so it isn't considering an IPO.

CZ, who is currently serving a four-month prison sentence, is no longer involved with running the company, Teng said, though CZ's partner, Ye Hi, is.

Teng noted the need to atone. "We acknowledge our past mistakes. We have paid a heavy penalty on that front."