November 21, 2023

New Binance CEO Teng’s First Job Is to Avert Customer Exodus

Featuring: Alex Zerden

Source: Bloomberg

Journalists: Ben Bartenstein, Suvashree Ghosh, Anna Irrera

Binance exploded onto the crypto scene in 2017 and saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.

“This criminal and civil resolution allows Binance to potentially start a new chapter,” said Alex Zerden, a former US Treasury official whose firm Capitol Peak Strategies advises crypto businesses. “However, the company will be under rigorous monitorships for the next several years and must show genuine and material changes in behavior to avoid further enforcement actions by the US government.”

Read the full story and more from Bloomberg.

Author

  • Alex Zerden

    Adjunct Senior Fellow, Energy, Economics, and Security Program, Founder, Capital Peak Strategies

    Alex Zerden is the founder of Capitol Peak Strategies, a risk advisory firm based in Washington, DC. Capitol Peak works with leading financial institutions, companies and orga...