Binance CEO touts 'compliance focused' culture after U.S. plea deal

BANGKOK -- Binance CEO Richard Teng says the cryptocurrency exchange's record $4.3 billion plea deal with U.S. regulators has set the stage for a turnaround, both for the company itself and the industry, as Binance emerges from a two-year downturn.

Binance and its founder Changpeng Zhao in November pleaded guilty to violating U.S. bank secrecy laws, failing to maintain an effective anti-money laundering program and facilitating transactions by sanctioned parties. The fine is the biggest compliance penalty ever paid to the U.S. Treasury.