Binance CEO CZ outlines plan for crypto exchange after takedown

Richard Teng Changpeng “CZ” Zhao, Binance's former head of regional markets and now CEO, has announced his intention to bring growth to the crypto exchange following the resignation of Binance.

In a blog post on November 27, Teng, the former CEO, received the support of CZ and the leadership of Binance in accordance with the agreement with the United States authorities. According to Teng, Binance plans to maintain a user-centric approach to its business and continue to “evolve and embrace Web3.”

“I'm excited to jump head first into my new job and know there will be many opportunities to share my ideas with the community through blogs like this, my social media accounts – Twitter, LinkedIn – and through many industry conferences and events around the world,” says Teng.

Here's my first blog post as #Binance CEO.

I'd like to take this opportunity to share immediate areas of focus, our responsibility to consumers, and my vision for the future of our industry.https://t.co/c6QMS6Ulmm

— Richard Teng (@_RichardTeng) November 27, 2023

It's unclear how Teng will manage Binance's business, given that he's a prominent figure like CZ, who is balancing American control. In the year On November 22, blockchain analytics firm Nansen reported that 24 hours after the United States linked to Binance, there did not seem to be a “money exodus”, with the exchange's total holdings increasing to more than $65 billion.

Related: New Binance CEO Richard Teng Gives Skeptics ‘Very Strong' Basis

Teng became CEO after agreeing to step down as part of a settlement with the US Department of Justice announced on November 21. Agreed to 4.3 billion dollars in fines.

Authorities are trying to restrict travel for Zhao, who is based in the United Arab Emirates and has family in Dubai. The former Binance CEO could face up to 18 months in prison after his sentencing in February 2024.

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