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- Binance founder Changpeng Zhao has stepped down as the CEO of the exchange and handed over to Richard Teng to take charge of the exchange.
- CZ recently pleaded guilty to charges and agreed to pay over $4 billion to resolve the Justice Department’s investigation over financial violations.
Binance’s founder Changpeng Zhao (CZ) recently pleaded guilty to violations related to the Bank Secrecy Act (BSA), and failing to register as a money-transmitting business. On top of that, he pleaded guilty to failing to maintain a proper anti-money laundering (AML) program. He also agreed to pay over $4 billion to resolve the investigations into the violations by the Justice Department.
For these reasons, CZ is banned from taking any management position in the company for three years. On the X social media site, CZ officially announced his step down and unveiled the global head of regional markets at Binance, Richard Teng, as the new CEO.
I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Teng had been a long-time staff member who was promoted to the global head of regional markets position earlier this year. He worked as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, the Chief Regulatory Officer of the Singapore Exchange (SGX), as well as the Director of Corporate Finance at the Monetary Authority of Singapore.
Changpeng Zhao’s Next Move After Binance Farewell
Zhao has stated that he would not be absent from the company as he would be available as a shareholder and former CEO. Also, he would consult authorities to assist with his experience in a manner that is in line with the “framework set out in their US agency resolutions”.
Speaking on his next move, CZ disclosed that he has not had a single day of “phone break” for the past six and half years. To him, this would be an opportunity to rest. However, he may consider engaging in passive investment and would have more time to explore DeFi. Changpeng has also dismissed any possibility of heading another startup. Instead, he would rather be a coach to a small number of upcoming entrepreneurs. While Zhao disclosed some of the resolutions agreed with the US authorities concerning Binance, he stated that the company should not be alleged to have misappropriated user funds. Also, all allegations of manipulating the market should be stopped. According to him, user funds are safe.
Teng also announced his new role with three main objectives. Firstly, his focus would be reassuring users of the financial strength, security, and safety of the company to regain their confidence. Secondly, upholding high standards globally to protect consumers and foster innovation would be prioritized by collaborating with regulators. Finally, the company would work with partners to drive web3 adoption to a higher height.
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 dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.
