Binance CEO Outlines Plan for Crypto Exchange After CZ Steps Down

Binance CEO Outlines Plan for Crypto Exchange After CZ Steps Down – After Changpeng “CZ” Zhao’s resignation, Richard Teng, Binance’s ex-global head of regional markets, declared his commitment to spearheading the crypto exchange’s growth as the newly appointed CEO. The transition occurred as part of a settlement with the U.S. Department of Justice, revealed on Nov. 21.

In a blog post dated Nov. 27, Teng expressed that he has the backing of CZ and Binance’s leadership, following the departure of the former CEO as part of an agreement with U.S. officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.

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“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” said Teng. The approach Richard Teng will take in steering Binance’s business amid U.S. oversight and the departure of CZ, a prominent figure, remains uncertain. 

On Nov. 22, Nansen, a blockchain analytics firm, noted that there was no evident “mass exodus of funds” within 24 hours of the U.S. settlement with Binance, revealing an increase in the exchange’s total holdings to over $65 billion. Assuming the role of CEO, Teng succeeded Zhao at the prominent crypto exchange following Zhao’s decision to step down in connection with a settlement with the U.S. Department of Justice disclosed on Nov. 21. 

CZ pleaded guilty to a felony charge, agreeing to a $150 million payment to regulators, and the crypto exchange consented to approximately $4.3 billion in penalties. Efforts are underway to limit Zhao’s travel, typically based in the United Arab Emirates with family in Dubai. The former Binance CEO might face a prison sentence of up to 18 months after the scheduled sentencing in February 2024.

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