The exchange will begin to build a traditional corporate structure, including a board of directors, a physical address and transparent financial activities. The head of the largest cryptocurrency exchange Binance, Richard Teng, said that the company will begin the transformation from an “unmanaged” technology startup to a traditional financial organization, reports Fortune. “Binance is only six years is a relatively young company by any standards. Translated into human terms, this is a child who is just getting ready to go to primary school,” Teng said in an interview. In his opinion, the exchange is at an early stage of transformation from a technology startup to a traditional financial business. Teng admits that the company made a number of mistakes during its formation and rapid growth, but was able to learn from this. $BNB The new head of Binance also added that the company will begin to build a traditional corporate structure, including the presence of a board of directors, a physical address and transparent financial activities. According to Teng, such a transformation can bear fruit in the long term. “Fundamentally, our business is very strong. There are no borrowed funds in our capital structure <span and revenue and profit remain high,” the new head of Binance emphasized. On the night of November 22, Changpeng Zhao left the position of head of Binance, which he had held since the founding of the platform in 2017. The new head of the exchange was Richard Teng, who was responsible for all regional markets outside the United States. Prior to this, Teng, according to his LinkedIn profile, worked for 13 years at the Central Bank of Singapore, at the Singapore Stock Exchange, where he served as head of regulatory affairs, and for six years led the Abu Dhabi Financial Center (the so-called special economic zone). Zhao’s resignation occurred as part of a deal aimed at resolving US authorities’ accusations against Binance. Three criminal charges were brought against the exchange, including operating an unlicensed financial business, conspiracy and violating the Emergency Financial Powers Act.