Binance named Richard Teng CEO amid Changpeng Zhao’s forced resignation
Binance has named Richard Teng, head of regional markets outside the United States, as its new CEO. The change comes as founder and former CEO Changpeng “CZ” Zhao resigned and pleaded guilty to charges brought against him by the US Department of Justice.
Today I step down as the CEO of Binance. It wasn't easy to let go emotionally. But I know it's the right thing to do. I made a mistake, and I have to take responsibility. This is great for the community, Binance and myself.
Binance is no longer a baby. is it…
— CZ Binance (@cz_binance) November 21, 2023
As previously reported by Cointelegraph, CZ and Binance agreed to a plea deal with the DOJ on anti-money laundering charges. The deal will cost the company $4.3 billion and will reportedly prevent CZ from serving as an executive in any cryptocurrency company. He also faces a $50 million penalty assessed directly against him. However, he will not have to give up his share and will not serve any jail time.
Teng's promotion was confirmed by former CEO CZ in a post on X that coincided with the start of the DOJ's press release detailing the actions on Binance.
According to CZ:
“Richard is a highly accomplished leader and with over three decades of financial services and regulatory experience, he will lead the company through its next period of growth. He will ensure that Binance delivers the next level of security, transparency, compliance and growth.”
Teng posted on X about 15 minutes after the DOJ presser went live.
It is an honor and deeply humbled to step into the new role of CEO of Binance.
We operate the world's largest cryptocurrency exchange by voice. The trust placed in us by our 150m users and thousands of employees is a responsibility I take seriously.
— Richard Teng (@_RichardTeng) November 21, 2023
In his first public statement as CEO, Teng sought to reassure Binance users and lay out a clear path forward from the day's events. He has set three focus areas for himself and the company, “Ensuring that consumers can rely on the company's financial strength, safety and security.”
This is a developing story, and more information will be added as it becomes available.
