Breaking: Changpeng Zao confirms resignation, introduces Richard Teng as new CEO of Binance exchange
Binance CEO Changpeng Zhao (CZ) has confirmed his resignation as CEO of the world's largest cryptocurrency exchange by trading volume, Binance.
He admitted to making mistakes, saying he would take responsibility, a move intended to be for the sole benefit of the community, Binance, and for himself.
CZ also introduced Richard Teng as the new CEO, stepping up from his former role as Global Head of Regional Markets. Teng steps up with immediate effect.
Teng boasts three decades of financial services and regulatory experience to his belt, and comes in to navigate the company through its next period of growth, CZ explained, adding that he [Teng] will ensure Binance delivers its next phase of security, transparency, compliance, and growth.
It is worth mentioning that as a shareholder and former CEO with historical knowledge of the company, CZ will remain available to the team to consult as needed.
He has also committed to staying consistent with the framework set out in the US agency resolutions. For now, however, Changpneg Zhao will be taking a break, which he describes as long overdue.
He also intends to do some "passive investing, being a minority token/shareholder in startups in the areas of blockchain/Web3/DeFi, AI, and biotech," essentially spending more time looking at DeFi. He also notes that he does not see himself being a CEO driving a startup again, demonstrating contentment being a one-shot entrepreneur and a possible mentor.
In the resolution with the SEC, CZ articulates:
- Not alleging that Binance misappropriated any user funds, and
- Not alleging that Binance engaged in any market manipulation.
Nevertheless, he assures Binance customers that "Funds are SAFU."
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
— CZ Binance (@cz_binance) November 21, 2023
Binance is no longer a baby. It is…
Richard Teng has in turn confirmed his ascension, committing to continuing "To meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money." His focus will be to:
- Reassure users that they can remain confident in the financial strength, security, and safety of the company.
- Collaborate with regulators to uphold high standards globally that foster innovation while providing important consumer protections.
- Working with partners to drive growth and adoption of Web3.
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…
The stance of the US government is that "If you serve US customers, you must follow US laws."
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
