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.

The DOJ had alleged Binance practised a move first, ask forgiveness later approach. Teng on Tuesday acknowledged the concerns.

"In those very early stage of development — again, where rules are nascent [and in the] early stage of development, there's no clarity on that — Binance was operating in a certain fashion," Arjun Kharpal on Tuesday at the Paris Blockchain Week crypto conference in Paris, France.

"But we have moved past that as the company move into greater maturity," Teng said, adding: "We are looking at sustainability; the direction of travel is very clear towards much more compliance, which is why we're building up a very robust compliance program."

In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion.

Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down.

The plea deals ended a years-long investigation into the crypto exchange. Zhao's sentencing was postponed until April 30, according to a February notice in a Seattle federal court.

In its November settlement with Binance, the DOJ said that former CEO Zhao had "told employees it was 'better to ask for forgiveness than permission,' and prioritized Binance's growth over compliance with U.S. law."

U.S. authorities also accused Binance of allowing transactions between U.S. users and users in jurisdictions that were subject to U.S. sanctions.

"These illegal transactions were a clear and foreseeable result of Zhao's decision to prioritize Binance's