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."


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP