Binance CEO Richard Teng adopts the power of three, sidesteps predecessor’s signature 4

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”.

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."

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).”

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.