Yesterday, CoinDesk was lucky enough to sit down with Richard Teng, the new CEO of Binance. It was a chance for us to meet with the man entrusted to run the world’s biggest crypto company at a fascinating time. Teng, a former regulator, was appointed last year as Binance reached a $4.3 billion settlement with U.S. authorities for violating sanctions and anti-money laundering regulations. He replaced CZ, Binance’s larger-than-life founder, who is currently serving a four month prison sentence in California.

My colleague Cheyenne Ligon wrote up the interview yesterday (the headline was that Binance, unlike other large crypto companies, is not currently considering an IPO). Here are some other takeaways along with some personal impressions.

Teng Is Not CZ

CZ always gave the impression of being the man in charge, the operational and spiritual leader of Binance. Teng is a different sort of CEO. He deflected questions about technology and future plans to other managers, and Teng made a point of saying that Binance was now a more decentralized company. “Today, the organization is quite different from the one CZ led. It was a founder-led organization, CZ was running it,” Teng told us. “Right now, it’s a totally different corporate structure. It’s a board-led organization. We have three independent directors on board, we have a talented crew of very senior experienced executives for day-to-day operations at the company.”

Teng was a financial regulator in his native Singapore as well as the United Arab Emirates. He was appointed CEO because he understands regulation and regulators. The challenge for Binance is to convince authorities that it can be trusted on money laundering and other sensitive issues. It’s investing heavily in compliance. Teng, who has a graceful, unflappable manner, is the man for the hour.

No HQ yet

CZ famously used to say that Binance was a “global company,” by which he meant not only did it operate around the world, but really was of the world, as opposed to any one country. Since Binance got into regulatory strife, that line has shifted: Binance is now looking for a home. But Teng said it hasn’t made a decision on where yet.

“We have not decided on the global headquarter issue. It is very important, it is very complex. We need to be quite thoughtful in understanding the impact on the various stakeholders,” he said. Regulation and taxation consequences seemed to be top-of-mind in those deliberations.

Asked why Binance now wanted an HQ, Teng said: “I think global headquarters is really to give assurance to regulators on the shape and form and the direction of travel for the company. It’s similar to a board of directors.”

Running a global crypto business is… complicated

U.S. crypto companies often complain about the uncertainty of doing business in the U.S, given the lack of legislation and that regulators at the SEC and the CFTC have been slow to give clear guidance to what is and isn’t permissible when it comes to digital assets. Imagine running a business around the world where there are many jurisdictions with that lack of clarity. Binance has 19 licenses around the world, with recent approvals in Thailand, India and Brazil. That’s a lot of cultural and legal complexity.

Take Nigeria, for instance, where Tigran Gambaryan, an American employee of Binance, is currently detained. Nigeria claims, without evidence, that crypto was responsible for devaluing the naira and law enforcement there has accused Gambaryan of money laundering and tax evasion. According to the BBC, Nigeria has asked for $10 billion in return for his release, which, frankly, sounds a lot like a ransom demand.

“Tigran has been unjustly held for close to half a year now,” Teng told us. “He needs medical treatment before his conditions become permanent.”

No IPO planned

As the current crypto cycle took shape with the ETF approvals and the Bitcoin halving in the last six months, it was rumored that several large crypto companies would look to go public. But while giants like Circle are getting ready, Binance is happy with its current ownership structure, Teng said.

“We are in very strong financial shape, so there’s really no need for us to consider any fundraising or an IPO at this time. Since the fifth month of Binance’s operation [in 2017], it has been profitable, and it has been very prudent in terms of spending. So [an IPO] is not a subject that has come up.”

Not coming back to the U.S. – for now

We wondered if and when Binance might consider returning to the United States (it currently has no license here). Perhaps a Donald Trump victory, which many think will create a more favorable environment for crypto, might be a precipitating factor? Teng said there were no current plans. “Our business is outside of the U.S. So we watch with excitement what’s happening in the U.S., but it has no bearing on our business whatsoever.” Teng said the U.S. remains an “important market” but Binance does not appear to be rushing back, given all the problems it’s had with regulators here in the last couple of years. But luckily Teng still wants to travel here, so we and others can talk to him about Binance and crypto’s future.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.