Binance CEO Confirms Resignation from Crypto Exchange after Guilty Plea and $4 Billion Settlement, Discusses Future Plans and New CEO
In a seismic development, Changpeng “CZ” Zhao, the now-former CEO of Binance, has resigned from his position, acknowledging his mistakes and taking responsibility for the tumultuous legal challenges the exchange has faced. CZ expressed the difficulty of emotionally letting go but emphasized that stepping down is the right decision for the community, Binance, and himself.
Binance once referred to as a baby, is now ready to walk and run independently, according to CZ. He expressed confidence in the future growth and success of Binance under the leadership of the new CEO, @_RichardTeng, who was formerly the Global Head of Regional Markets.
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.
Binance is no longer a baby. It is…
— CZ 🔶 BNB (@cz_binance) November 21, 2023
Richard Teng, a seasoned leader with over three decades of financial services and regulatory experience, is set to guide Binance through its next phase of growth. His track record includes serving as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance in the Monetary Authority of Singapore.
CZ, while stepping down, remains committed to supporting Binance as a shareholder and former CEO. He will be available to the team for consultation, aligning with the framework set out in the U.S. agency resolutions.
As for CZ’s future plans, he expressed a need for a break, highlighting that he hasn’t taken a real break in the last 6 and a half years. Post-break, CZ intends to engage in passive investing, particularly as a minority token/shareholder in startups focusing on blockchain, Web3, DeFi, AI, and biotech. While ruling out returning as a CEO driving a startup, he expressed interest in potentially becoming a coach/mentor to a select number of upcoming entrepreneurs, sharing insights gained from his entrepreneurial journey.
In his note, CZ proudly highlighted key aspects of the resolutions with U.S. agencies, emphasizing that there are no allegations of misappropriation of user funds or engagement in market manipulation by Binance. He reassured users with the famous Binance slogan, “Funds are SAFU!”
The crypto community now witnesses a changing of the guard at Binance, with CZ passing the reins to Richard Teng. This significant transition comes amidst a backdrop of legal challenges, marking a turning point for one of the most influential players in the cryptocurrency space.
