- Richard Teng, new Binance CEO, has adopted three as his signature number after CZ’s characteristic 4.
- Unlike CZ’s 4 for FUD, Teng uses three as representation of his commitment as new Binance CEO.
- Three is also a UAE symbol comprising 3 characters - W (Win), V (Victory), and L (Love).
- Meanwhile, BNB price is yet to recover from the aftermath of the tragedy that befell Binance and former CEO.
Binance, the largest cryptocurrency exchange by trading volume, has a new CEO. Richard Teng was ushered in by his predecessor, Changpeng Zhao, who succumbed to legal troubles with the US Department of Justice (DoJ) that compelled him to step down ahead of a February sentencing hearing.
Also Read: With Binance market dominance under threat, experts say path for spot Bitcoin ETF is now clear
Binance CEO adopts signature 3
Binance’s new CEO Richard Teng has adopted the number “3” as his signature, different from what his predecessor Changpeng Zhao (CZ) used – the number 4. It came after he was asked to take a photo during an AMA session on December 1, choosing to adopt the number as his “own thing”.
On the AMA I was asked to take a 4 photo. I need my own thing, so I'll do the 3 instead.
— Richard Teng (@_RichardTeng) December 1, 2023
It represents my 3 commitments as #Binance CEO:
1) Being user-focused, always
2) Working with regulators to uphold standards
3) Collaborating with partners to grow Web3 pic.twitter.com/DcJyFVj8LX
For CZ, the number 4 was used to dispel fear, uncertainty and doubt (FUD). However, Teng’s 3 will serve as a numerical representation of his commitment as he leads the top-most office at Binance. The commitments comprise:
- Always being user-focused
- Working with regulators to uphold standards
- Collaborating with partners to grow Web3
The same commitments were featured in his acceptance message when CZ introduced him as CEO incumbent, saying he is committed to continuing, "to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money."
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
— Richard Teng (@_RichardTeng) November 21, 2023
We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…
Other goals included reassuring users that they can remain confident in the financial strength, security and safety of the company. With this, Teng has pinned the number 3 on to his profile, akin to what CZ had done, and acknowledged that while the number represented his commitment, it also represented the “UAE symbol comprising 3 characters - W (Win), V (Victory) and L (Love).”
It's also a UAE symbol comprising 3 characters - W (Win), V (Victory) and L (Love).
— Richard Teng (@_RichardTeng) December 1, 2023
Sheikh Mohammed coined the three number symbol or hand sign as a logo for the UAE back in 2013, showing W for Win, the V for Victory and the L for Love, and is commonly referred to as Sheikh Mohammed’s three-finger salute.
BNB price still under water after Binance legal troubles
Meanwhile, while Binance exchange soldiers on after the recent legal troubles, its in-house crypto, Binance Coin (BNB), continues to lag.
Binance Coin crashed almost 12% following the legal saga between the exchange and the US government. It continues to do so, trading within a range and consolidating just above the $227.70 support.
The Relative Strength Index (RSI) is moving horizontally without directional bias, but its position below the 50 level, coupled with the red histograms of the Awesome Oscillator (AO) that have just flipped negative, tilts the odds in favor of the bears.
Increased selling pressure could send BNB price south, potentially going as low as the support floor at $204.60. Such a move would constitute a 10% fall below current levels.
BNB/USDT 1-day chart
On the other hand, if buying pressure increases, BNB price could pull north, flipping the $247.80 resistance level back to support. This would revitalize the bullish prospect, setting the tone for an uptrend as Binance coin would then be moving within the confines of an ascending parallel channel.
In a highly bullish case, the gains could extend for BNB price to breach the midline of the channel above $260.00, or higher, breaking out above the upper boundary of the channel to bring the $280.00 psychological level into focus.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.