Binance has appointed Richard Teng, its head of regional markets outside the United States, as its new CEO. The change comes as founder and former CEO Changpeng “CZ” Zhao has resigned and pleaded guilty to charges brought against him by the U.S. Department of Justice.
Today, I resigned as CEO of Binance. Admittedly, letting go emotionally is not easy. But I know it’s the right thing to do. I made a mistake and I must take responsibility. This is what’s best for our community, Binance, and myself.
Binance is no longer a baby. This is…
— CZ Binance (@cz_binance) November 21, 2023
As Cointelegraph reported earlier, CZ and Binance have agreed to plea deals with the Department of Justice over alleged anti-money laundering violations. The final settlement would cost the company $4.3 billion and reportedly barred CZ from serving as a senior executive at any cryptocurrency company. He also faces a $50 million fine levied directly on him. He doesn’t have to give up his stake, though, and apparently won’t go to jail.
Former CEO CZ confirmed Teng’s promotion in a post on X, coinciding with the start of a U.S. Department of Justice press conference announcing action against Binance.
According to CZ:
“Richard is a highly qualified leader with over thirty years of financial services and regulatory experience who will lead the company through its next period of growth. He will ensure Binance achieves its next phase of security, transparency and , compliance and growth.”
Teng also posted on X about 15 minutes after the Justice Department news broke.
It is with great honor and deepest humility that I serve as the new CEO of Binance.
We operate the world’s largest cryptocurrency exchange by trading volume. The trust placed in us by 150 million users and thousands of employees is a responsibility I take seriously and take…
— Richard Teng (@_RichardTeng) November 21, 2023
In his first public communiqué as CEO, Teng sought to reassure Binance users and establish a clear path forward from the day’s events.He listed three focus areas for himself and the company, starting with “reassuring users that they
This is a developing story and more information will be added as it becomes available.
Svlook
