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Speaker 1: Now let's just move our attention towards the world of

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Speaker 1: crypto for a moment, because Binance is appointed a new

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Speaker 1: CEO after it's four point three billion dollars settlement with

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Speaker 1: the US Department of Justice that forced the co founder

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Speaker 1: CZ to step down. Have bloemgs fan seen like I

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Speaker 1: was sat down with Richard Tang earlier to discuss his

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Speaker 1: vision for the company.

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Speaker 2: Is the new CEO.

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Speaker 3: The US resolution with the US agencies are very important,

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Speaker 3: right there are historical issues on compliance, registration, and sanctions,

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Speaker 3: and with the resolution, we move on to a new chapter,

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Speaker 3: moving past a very challenging period of our corporate history.

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Speaker 3: So going forward, we will continue to focus on things

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Speaker 3: like user growth. On that front, I need to stress

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Speaker 3: that users X are back one to one users can

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Speaker 3: withdrawe hundred percent of the SS at any point in time.

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Speaker 3: We continue to full focus on user need. At the

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Speaker 3: same time, we did make some mistakes along the way.

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Speaker 3: We acknowledge those. It's important for us as a financial

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Speaker 3: stitution to do so, and we learn from and we

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Speaker 3: continue to build the journey right on things like I

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Speaker 3: think you're going to ask us our wor headquarters. We'll

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Speaker 3: make those disclosures and do class right as part of

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Speaker 3: the resolution. There are certain things that we were put

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Speaker 3: in place that we are complete to do so, including

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Speaker 3: board of directors. But those announcements will be coming soon,

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Speaker 3: so watch that space.

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Speaker 4: Yeah, but Richard, can you already just give us a

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Speaker 4: sense of what people want? So if they want a

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Speaker 4: more normal structure with headquarters that was problematic in the

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Speaker 4: past because there was no one single place, how fast

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Speaker 4: do you think that will be done? And then I'll

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Speaker 4: also ask about the board of directors.

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Speaker 2: Because I guess that's what people are asking for.

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Speaker 4: It's like, what kind of framework will Binance have?

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Speaker 3: Well compared to the past where the industry is ran nascent,

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Speaker 3: if you look at today, the direction of travel is

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Speaker 3: very clear. There's going to be much more regulations for

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Speaker 3: the crypto industry, even though only wanted of global regulators

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Speaker 3: are regulating this space. But the direction of travel is

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Speaker 3: very very clear. Right. So along with that, along with

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Speaker 3: the maturing of both the industry as well as the

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Speaker 3: corporate ourselves, all these things will be put in place.

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Speaker 3: As I mentioned again, both of directors will be instituted

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Speaker 3: some very robust timeline. Same for things like the questions

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Speaker 3: that you asked, and we will make those announcement. Costs

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Speaker 3: you can't disclose it at this.

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Speaker 4: Point in time, but it's what kind of timeline, Richard

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Speaker 4: are you looking at. There are companies that are even

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Speaker 4: younger than Binance that already have that infrastructure in place.

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Speaker 4: So when are you thinking for a headquarter? Are you

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Speaker 4: shopping around for that? And when are you thinking of

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Speaker 4: actually appointing a board of directors?

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Speaker 3: We're not. I mean shopping around is a very broad wid.

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Speaker 3: We are making the assessment based on which region or

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Speaker 3: which jurisdiction is the most advantages. As you know, for

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Speaker 3: corporate like Hours, where we have thousands of employees, where

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Speaker 3: we have the financial strength, there are many different considerations,

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Speaker 3: including things like taxation, data previously, etcetera, etcetera. We need

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Speaker 3: to consider that very very carefully. Once we have come

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Speaker 3: to the decision, we will make those announcement.

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Speaker 4: I mean someone like Coinbase, of course, have already have

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Speaker 4: a board and have a headquarters and are not much

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Speaker 4: older than Finance. Do you think Abu Dhabi will end

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Speaker 4: up being your headquarters?

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Speaker 3: The circumstances are different, right coin Base, when ahead we

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Speaker 3: have a public listing quite early on the raise investor funding. Right,

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Speaker 3: finance is very very strong financially. I mean, we are

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Speaker 3: by far the largest crypto exchange in terms of volume,

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Speaker 3: and our fundamentals are extremely strong, right, so revenues and

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Speaker 3: profit remain robusts Our users fought us. The user trust

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Speaker 3: is extremely important with one hundred and sixty six million users.

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Speaker 3: All Kepta expanded capital structure is debt free and we

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Speaker 3: have not raised outside funds. So at this point in time,

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Speaker 3: there's no need for us to do a lot of

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Speaker 3: those things. But we realize that regulators and our stakeholders

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Speaker 3: need to see a more formal structure that you're used to,

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Speaker 3: so we are putting all those things in place. Or

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Speaker 3: the journey a hit in terms of bindings, but.

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Speaker 2: You've had a huge case.

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Speaker 4: I mean we're talking about, you know, DOJ settlements, drastic

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Speaker 4: action being taken. So I'm surprised that you don't want

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Speaker 4: to maybe find a headquarter much quicker than that.

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Speaker 2: Is it hard to find a headquarter?

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Speaker 4: I'm trying to understand that what speed you want to

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Speaker 4: go to or it's just hard to find the right

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Speaker 4: you know, you don't feel any pressure to find something soon,

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Speaker 4: am I?

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Speaker 2: Right?

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Speaker 3: Look, it is a huge case, indeed, but as we

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Speaker 3: all financial institutions. If you go down the list of

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Speaker 3: top fifty financial institutions, the magnity are fine in many

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Speaker 3: cases are much bigger if you look at the cumulity fine.

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Speaker 3: I just I just didn't very quick research. Bank America

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Speaker 3: has been in excess of eighty billion of finds. So

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Speaker 3: if you look at the like of JP Morgan ups

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Speaker 3: and the whole list goes on right, So it is

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Speaker 3: not unusual for financial for financial institutions to pay fine.

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Speaker 3: But what it's important is all of us realize our mystics,

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Speaker 3: close those gaps and continue to those gaps because regulations

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Speaker 3: are evolving. Right, standards are evolving, and we continue to

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Speaker 3: need to meet the highest standards that industry and the

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Speaker 3: regulators and coast. On the other matters that you mentioned,

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Speaker 3: we are working regulosely with regulators. We're getting buying of

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Speaker 3: all stakeholders and we will make disclosure in due course.

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Speaker 4: You're right, financial institutions have had finds, but this is

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Speaker 4: highly unusual, Richard. I mean, you have your chief executive

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Speaker 4: and founder that pleaded guilty to you know, anti money laundering,

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Speaker 4: and we also understand from the US that he can't

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Speaker 4: go back for the moment to the UAE.

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Speaker 2: So give me a sense.

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Speaker 4: First of all, of how worried you are about the future.

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Speaker 4: Can you tell us about main share holders, what are

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Speaker 4: we looking at right now, what does binance look like?

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Speaker 2: And also give me a sense of what.

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Speaker 4: Kind of board of director or chairman you'd be looking

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Speaker 4: for in terms of a type.

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Speaker 3: Well, let me correct you on that front. I don't

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Speaker 3: think it's unusual for financial institutions to face challenges on

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Speaker 3: things like anti money laundry. Many institutions have bridged those

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Speaker 3: right if you look at the full list, most of

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Speaker 3: the top institutions at some point in their life of

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Speaker 3: face challenges. As I mentioned, it's important for us to

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Speaker 3: close the gain knowledge, past mistake and improve right so

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Speaker 3: that we don't call me the same mystic cz as

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Speaker 3: part of that settlement has step off, which is you know,

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Speaker 3: he has taken responsibility for that and we're dead. I

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Speaker 3: mentioned we have moved on from a very challenging period

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Speaker 3: of our corporate structure and history, and then moving forward

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Speaker 3: we will continue to focus on being firstly the user

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Speaker 3: led organization, right, the user focused. We need to understand

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Speaker 3: the needs of our users in thems of products and

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Speaker 3: services and build the infrastructure that's able to support our

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Speaker 3: one hundred and sixty six million users and many more

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Speaker 3: they have signed on and support us in that churney.

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Speaker 3: On the other hand, compliance led organization to fulfill our

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Speaker 3: obligations to meet the global standards, working very closely with those.

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Speaker 3: So that's important to make this organization sustainable. Something that

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Speaker 3: has prospered only in the past six years. Binance is

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Speaker 3: a verse very young company in that sense, but continue

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Speaker 3: to grow from strength to strength in the next sixty years.

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Speaker 4: I mean, will you accept that this is a pretty

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Speaker 4: big drawback and actually will you be fully audited?

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Speaker 3: Will be audited, We will be regulated. We are by

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Speaker 3: far still the most regulated exchange in the crypto globally.

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Speaker 3: We are regulated by eighteen different diction right. We work

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Speaker 3: very closely. We are already scrutinized in all this jurisdiction

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Speaker 3: by regulators, by auditors. It's no different going forward, and

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Speaker 3: going forward we're going to step out our commitment. I

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Speaker 3: think in many people's view, these are huge cost, huge burden,

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Speaker 3: but we take it very positively. In the course of

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Speaker 3: the last week, where I've spoken to many of our

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Speaker 3: institutional clients of VIP clients and as well as invest

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Speaker 3: are the users that we have publicly, the overwhelming, specific,

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Speaker 3: overwhelming response has been very positive. Right, We turn a

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Speaker 3: page in the chapter and we are going to make

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Speaker 3: several announcements soon with new partners joining us. Right because

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Speaker 3: of this huge overhand in terms of the last one

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Speaker 3: and a half two years, some of these partners were

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Speaker 3: reluctant to come on. But with this overcast lift, a

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Speaker 3: lot of new partnership moving a hit very aggressively, and

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Speaker 3: we'll make those announcement and as in very ready to

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Speaker 3: watch out watch that space.

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Speaker 4: Okay, but Richard, give me a flavor kind what kind

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Speaker 4: of partnerships are the people that will give some legitimacy

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Speaker 4: to Binance after the saga and the scandal.

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Speaker 3: Again, we have different players talking to us all the time.

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Speaker 3: You ranges from institutional partnership to product partnership. Right, So

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Speaker 3: we do have all those install but again I'm sure

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Speaker 3: you respect those are confidential. But when we are ready,

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Speaker 3: we'll make those announcements to the marketplace.

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Speaker 4: Of course, you said you'll be fully audited when and

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Speaker 4: do you already have an accounting firm?

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Speaker 3: Again, those are information as and when that's needed, we

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Speaker 3: release with all our regulators, and you know we we

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Speaker 3: we need to be transparent with our regulators. Right, but

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Speaker 3: let me stress again we don't raise futs for the

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Speaker 3: public and not a listed company. Our financial information not

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Speaker 3: disclosed publicly. For that reason, we have a very strong

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Speaker 3: financial strength and we are very confident of the fundamentals

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Speaker 3: we have today to continue for the future.

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Speaker 4: If I speak to you in six months, will you

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Speaker 4: have some of the answers to some of these questions

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Speaker 4: in your mind?

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Speaker 3: Six months you probably get a lot more charity, We

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Speaker 3: probably have made a lot more announcement by that. Let's

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Speaker 3: not preempt that. I think we're expect lating too much.

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Speaker 2: So, but you're moving fast.

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Speaker 4: I mean again, we're trying to get a sense of

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Speaker 4: how much you want to reshape finance, where you're moving,

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Speaker 4: what you're thinking, and trying to really understand what Binance

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Speaker 4: will look like in six twelve months.

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Speaker 3: Well, if you take a step back, the industry has

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Speaker 3: to change. Right when Binance started six years ago, it's

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Speaker 3: a totally different landscape, totally different industry. I think many

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Speaker 3: of them. You know that ex regulator I started regulating

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Speaker 3: crypto space in twenty seventeen, twenty eighteen, and I'm want

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Speaker 3: the pioneers to regulate this space because at that point

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Speaker 3: in time, none of the regulators pay much attention to it.

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Speaker 3: If you remember, the institutions are not in this Many

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Speaker 3: of them view this is suspicion, saying as a scam, etcetera.

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Speaker 3: But if you look at the landscape today has totally transformed,

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Speaker 3: it's changed. And for crypto and for blockchain to continue

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Speaker 3: to grow, I always maintained you need two things. Firstly,

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Speaker 3: regulatory certainty so as to bring about clarity, safety and

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Speaker 3: mass adoption. Secondly, you need institutions. You need greater institutional participation.

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Speaker 3: With the light of black Rock, Fidelity, Child Sort and

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Speaker 3: your name. If you look through the list of the

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Speaker 3: top hundred financial institutions, it's not hard to find that

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Speaker 3: each and everyone of them have a web tree, have

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Speaker 3: a crypto, have a blockchain agenda, and that is very

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Speaker 3: very important. You bring a lot more new investors, a

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Speaker 3: lot more new liquidity into this space, and this space

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Speaker 3: will continue to grow. So I'm very bullish about this industry.

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Speaker 3: The next few years we will see much faster adoption

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Speaker 3: and the pace of adoption will pick up compared to

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Speaker 3: the past five years. So, but we are in a

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Speaker 3: different industry where infer landscape is fast maturing, it is

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Speaker 3: going to be much more regulated. In Europe is a

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Speaker 3: right step step in the very important direction providing clarity

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Speaker 3: to the industry. So we applaud that and we work

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Speaker 3: with all regulators on that front that bring clarity.

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Speaker 2: Richard need to compare as.

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Speaker 4: A as a former regulator yourself, how hard will you

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Speaker 4: work to bring binance and tiptop shape.

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Speaker 3: Well, I hold a trust of our one hundred and

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Speaker 3: sixty six million users dearly right. Firstly, I hold the

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Speaker 3: responsibility of this job. That's very important. I have mixtory

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Speaker 3: commitments publicly in my first blog post. Firstly to continue

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Speaker 3: to be a user focused, user led organization, to continue

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Speaker 3: to build products and services that meet the needs of users. Secondly,

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Speaker 3: working with global regulators to uphost standards right be in

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Speaker 3: terms of new framework or compliance with the existing frameworm.

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Speaker 3: And thirdly working with partners globally to continue to embrace

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Speaker 3: support facility, the growth of Webtree and together we will

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Speaker 3: build a Verirobus ecosystem. It's important to remember that crypto

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Speaker 3: is still at the red early stage and very nascent

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Speaker 3: in terms of development. Right today, we are only at

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Speaker 3: five percent to adoption. If we, through our collective effort,

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Speaker 3: can bring this adoption rate to ten twenty thirty percent,

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Speaker 3: you'll see multiple folds of new use cases, new investments,

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Speaker 3: new liquidity, new investors coming into this space. And that

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Speaker 3: makes everybody very stronger. And we are building from a

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Speaker 3: position of strength because we have the pitch. We are

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Speaker 3: cooperating fully with regulators, and it's important to remember that

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Speaker 3: we subscribe to that. We put ourselves under the remit

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Speaker 3: of all these regulators, including the eighteen regulators we work with.

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Speaker 3: Many other exchanges have not. We willingly commit to that.

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Speaker 3: We have food transparency in terms of our books, in

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Speaker 3: terms of our processes, our compliance program, our investments. Many

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Speaker 3: exchanges have not done so.

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Speaker 4: Right, So Richard, this comes on the back I mean,

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Speaker 4: this comes on the back of really, you know, the

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Speaker 4: US saying look there was money laundering, there were US

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Speaker 4: sanctioned valuations, and that came from the very top. So

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Speaker 4: this is not like another financial institutions. If you look

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Speaker 4: at your main shareholders, it's still easy and his partner,

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Speaker 4: do you feel like you have the mandate to break

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Speaker 4: from the past and really change finance.

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Speaker 3: Finance Is is the largest crypto exchange global, so we

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Speaker 3: have be the first one to put under scrutiny. Now

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Speaker 3: that we have, you know, comply we have resolved issues

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Speaker 3: with the US, that attention will turn to the other place.

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Speaker 3: I think let me stay them that I was saying.

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Speaker 3: So that's why I'm stating just before your current question

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Speaker 3: or building from additional strength. Secondly, without CZIS trusts and

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Speaker 3: the other leadership trusts and indeed trusts of the thousands

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Speaker 3: of employees that we have, which I hope very dearly,

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Speaker 3: I would not have taken up this role and this

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Speaker 3: role even the changing industry, a maturing industry with the

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Speaker 3: direction of travel that's much more regulated, requires you know,

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Speaker 3: us to continue to work with all the importance told

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Speaker 3: holders that I mentioned, to continue to push ahead and

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Speaker 3: poster enhance the growth of the industry. So I'm very

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Speaker 3: confident that we will continue to grow from the position

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Speaker 3: of strength on that front, which is why I think

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Speaker 3: this true. I use all my experience, my endeavor to

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Speaker 3: make sure that we succeed for the future.

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Speaker 4: Will ye he maintain her current executive role at the firm?

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Speaker 3: Well, our courting remans intact and it's very important, right,

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Speaker 3: So we have a strong expertise of courting. But at

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Speaker 3: the same time, we continue to make investments into intellectual

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Speaker 3: human talent, which is very important for our industry because

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Speaker 3: the industry evolves so quickly, right, things are evolving, New

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Speaker 3: developments come up by the day. But we continue to

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Speaker 3: continue to enhance our bend strength, continue to invest in

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Speaker 3: our talent, to continue to invest heavily into our compliance program.

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Speaker 3: And I'm very confident that we'll continue to grow from

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Speaker 3: strength to strength.

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Speaker 4: And I know you're very positive about the future. But

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Speaker 4: if you look at your market share, it still has

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Speaker 4: been following following, So how do you expect to make

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Speaker 4: up for that?

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Speaker 2: How will you stem that?

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Speaker 3: Sorry I didn't get the question.

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Speaker 4: So the question is, of course on your market share

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Speaker 4: that has fallen because of the latest events. How will

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Speaker 4: you stop that market share from being eroded? How do

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Speaker 4: you grow from here?

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Speaker 3: Well, I think two responds to that. Firstly, as I mentioned,

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Speaker 3: we're focused on building the ecosystem. Today is the very

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Speaker 3: least stage of development. When you five said the adoption,

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Speaker 3: if we can double triple, quadripole, then right, even if

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Speaker 3: our market share falls, everyone in the industry, including ourselves,

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Speaker 3: will be much stronger on that front in terms of

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Speaker 3: I think related to that, you're probably going to ask,

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Speaker 3: you know, marketshare is falling, US user trusts maybe eroaded.

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Speaker 3: That's not the case. The user numbers continue to grow

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Speaker 3: and today we one hundred and sixty six million last

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Speaker 3: week I reported, and it's like a lower figure, but

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Speaker 3: the user trust us because of our consistency of action.

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Speaker 3: We take our studio responsibility very seriously in the last

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Speaker 3: six years. Going to the future use assets on that

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Speaker 3: one too. One It's very important to remember as part

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Speaker 3: of the settlement, the US regulators have scrutinized our operations

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Speaker 3: in quite great detail and they do not least just

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Speaker 3: missupport misappropriation of user funds, which is extremely important. Right.

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Speaker 3: So a commitment to users is you can withdraw as

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Speaker 3: sets any point time one hundred percent. And then the

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Speaker 3: user safety, user protection, users security very dear and very

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Speaker 3: important to us.

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Speaker 4: But now that Binance dot Com will no longer be

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Speaker 4: allowing US investors, how do you grow your investor base?

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Speaker 2: Where will that come.

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Speaker 3: From investor base as an investor base into the company.

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Speaker 3: Are you talking about that or investor base in terms

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Speaker 3: of number users.

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Speaker 4: I'm looking at US investors. I'm looking at people that

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Speaker 4: actually put money in finance. You can no longer US

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Speaker 4: citizens can no longer.

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Speaker 3: US is a different entity altogether, right, So that has

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Speaker 3: a separate governance, has a separate set of shareholders. They

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Speaker 3: are still allowed to operate in the US. Bance dot

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Speaker 3: Com has no US users, right, so we serve the

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Speaker 3: international market. There are two different entities.

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Speaker 4: I think it's important, yes, But it was my It

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Speaker 4: was my understanding Richard that part of the problem that

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Speaker 4: the DJ had was that actually you gave access, or

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Speaker 4: the previous leadership gave access to US investors even if

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Speaker 4: they couldn't. So now that that's been taken away, and

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Speaker 4: that will presumably be dealt with, who do.

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Speaker 2: You market to, where will the growth come from?

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Speaker 3: Well, binance dot com, which is again not binans dot Us,

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Speaker 3: which is a totally different entity with different shareholders and

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Speaker 3: different corporate governance and BODER directors and structure. I can't

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Speaker 3: I can't speak on that. I can speak on binance

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Speaker 3: dot com, which is serving users outside the States. We're

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Speaker 3: doing US users on then again, we work with different policymakers,

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Speaker 3: different regulators, and we serve global users where as a

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Speaker 3: demand as a need for us. Where we can deploy locally,

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Speaker 3: working very closely with locustakeholders, local partners, regulators, policy makers,

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Speaker 3: we will do so, offering our services in those eight.

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Speaker 4: So I believe today the Philippine Security Is and Exchange

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Speaker 4: Commissions as it's working to block users' access to binance.

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Speaker 4: Are there any other countries that you're aware of that

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Speaker 4: will do the same? Are there markets in Europe that

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Speaker 4: you will exit?

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Speaker 3: As you appreciate, any conversation between ourselves and regulators are confidential,

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Speaker 3: so I can't speculate on them right. So, but anytime

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Speaker 3: where we face some of these issues and challenges, what

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Speaker 3: we will do is to be very transparent, working with

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Speaker 3: the regulators to overcome any local issues there are, working

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Speaker 3: with the policy makers to understand the concern and together

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Speaker 3: we will try to close those get and continue to

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Speaker 3: push your hit with crypto adoption.

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Speaker 4: But in places where you don't have a license, could

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Speaker 4: you potentially actually exit that market?

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Speaker 3: Well? I think it's important to remember that two SATs

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Speaker 3: of jurisdiction globally still do not have crypto regulations, right,

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Speaker 3: so it's too broad a brush to say what we

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Speaker 3: will we're not doing. It really depends on looker rules

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Speaker 3: and requirement and we respect all those lookal rules and

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Speaker 3: requirements whatever we choose to do.

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Speaker 4: Can you talk to me about France. I know there

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Speaker 4: was an investigation. Is that still ongoing? Do you think

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Speaker 4: you will stay in France?

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Speaker 3: Well, France is our regional headquarters for the European Union.

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Speaker 3: It's important. We have been very transparent in terms of

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Speaker 3: our dealings with the French regulator and I always say

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Speaker 3: that it's very important for and I mentioned this previously

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Speaker 3: Ring We summit ourselves willingly to be regulated, being very

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Speaker 3: transparent with our books, with the regulators, with our processes,

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Speaker 3: with our framework, with our compliance program, and the list

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Speaker 3: goes on. There are many other players that do business

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Speaker 3: in this industry. They are not willing to be subjected

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Speaker 3: to all this scrutiny. They are not willing to put

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Speaker 3: themselves under the control of the regulator. And that's that's

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Speaker 3: among difference. Let me trust that that's a long different

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Speaker 3: regulator choice. No, look, that's all that's that's all you choice, right.

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Speaker 3: The other exchanges are not subjecting themselves to regulators. So

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Speaker 3: let me finish this we put ourselves under those purview

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Speaker 3: of the regulators, we demonstrate our willingness right to work

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Speaker 3: with them. And it's always important for regulators and for

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Speaker 3: policy for policymakers to remember it's much better to work

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Speaker 3: with companies that wish to come under your control instead

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Speaker 3: of along them in the dark side, in the gray side,

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Speaker 3: operating an uncontrofession because you can't impose requirements on them,

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Speaker 3: You kind of boase controls on them. Right, It's much

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Speaker 3: worse for everybody. So I do think that regulators would

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Speaker 3: appreciate what we are doing.

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Speaker 2: So when do you think finance?

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Speaker 4: I think three minutes. I'm told, yeah, I know, we

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Speaker 4: have three minutes. I have a producer in my year,

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Speaker 4: so we're all good for time. When do you think

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Speaker 4: Richard Binance can be a fully compliant crypto exchange with

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Speaker 4: the working licenses, complete transparency.

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Speaker 2: Will it take years? And if so, is it two years?

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Speaker 2: Is it four years? Is it five years? Again? Give

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Speaker 2: us a sense of what kind of time frame you're

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Speaker 2: looking at.

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Speaker 3: I think really depends on regulators as well. Right, we

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Speaker 3: are already regulated in eating different jurisdiction. As I mentioned

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Speaker 3: too of Globery. Regulators have not started to regulate this place,

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Speaker 3: and we are working with many of them that have

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Speaker 3: approach us virtual of us being the largest crypto player globally,

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Speaker 3: and we are responsible players, right we want to be regulated.

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Speaker 3: We want to work closely with them to under one

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Speaker 3: hand support innovation and investments into this space, which makes

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Speaker 3: the country much better in terms of foreign direct investments,

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Speaker 3: and the other on the other hand control the risks

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Speaker 3: right elements. So we are responsible players. We look to

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Speaker 3: work with all regulators that we wish to bring introduce safety

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Speaker 3: on this regulation into this space, and we will continue

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Speaker 3: to do this.

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Speaker 4: Would you ever actually consider an IPO to be fully transparent.

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Speaker 3: Well, the company is in strong financial shape. Those elements,

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Speaker 3: I think at this point in time are not my priority.

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Speaker 3: My priority is to make sure that we continue to

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Speaker 3: press a hit with the commitments to our stakeholders. We

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Speaker 3: should include our users stakeholders like regulators to comply globals

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Speaker 3: standards and working with partners to bring about to the

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Speaker 3: adoption right so that the whole industry, the ecosystem continues

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Speaker 3: to develop in the right way. We continue to develop

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Speaker 3: and grow this we're exciting industry together for we want

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Speaker 3: bringing new talent, pood bringing new investments. Those are my

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Speaker 3: key priority. Future needs really depends. I think it's too

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Speaker 3: early to speculate.

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Speaker 2: Richard.

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Speaker 4: Do you think Binance has to apologize for what happened?

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Speaker 3: Look at the beginning of this everybody set down right

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Speaker 3: there will is a fast growing industry. When by started

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Speaker 3: life six years ago right as a tech startup. We

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Speaker 3: have in the last two years make fair heavy investments

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Speaker 3: into our compliance. We have pivoted very very strongly. We

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Speaker 3: are responsible and that's why we have admitted to the mystics.

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Speaker 3: Regulators appreciate that, and it's time to move on. It's

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Speaker 3: time to move on to a new chapter, to build

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Speaker 3: on this foundation that we have and show that we

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Speaker 3: are responsible corporate. We are responsible financial institution, like other

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Speaker 3: financial institutions right that have admitted to those mistakes, learned

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Speaker 3: from it, on move on the journey to become much better.

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Speaker 3: And that's the journey we are on.

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Speaker 2: Richard. Thank you so much for your time today.

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Speaker 3: Thank you so much for having me