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."
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
Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution
XRP sustains mid-week recovery as XRP/BTC flashes golden cross for the first time since 2017. Large volume holders increase XRP exposure, indicating rising demand and investor confidence.
Pi Network Price Forecast: PI eyes $0.66 as whale activity surges
Pi Network (PI) declines by nearly 4% on Friday, trading at $0.79 at press time. The technical outlook suggests a downward move ahead as the short-term recovery concludes with a trendline breakdown.
Bitcoin Weekly Forecast: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin price stabilizes around $111,000 on Friday after reaching a new all-time high of $111,900 this week. Corporate accumulation, institutional demand, signs of easing regulations and fiscal woes in the US have fueled BTC’s rally.
Jupiter Price Forecast: JUP eyes $0.82 as Fluid backs Jupiter's upcoming lending protocol
Jupiter exchanges announced the upcoming launch of Jupiter Lend, powered by Fluid, on Solana this summer. With the announcement of Jupiter Lend, the JUP token surged 16% in the last 24 hours.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.