Binance Overhaul: Teng Takes Helm as CEO Amid Zhao’s Federal Charges

Formerly, Changpeng Zhao resigned and admitted before federal charges. His successor was none other than the  CEO of Abu Dhabi Global Market, known as Richard Teng.

More importantly, Teng is well experienced, being a Chief executive officer of the financial services authority of Abu Dhabi and Director of corporate finance at the Monetary Authority of Singapore. Binance, Teng was recently in charge of overseeing the regional markets.

Zhao wrote a post on X that he found it difficult for him to let go of the leadership position. He stressed that although they accused him of violating US Law, he did not steal customers’ money or cheat on market traders.

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

These remarks mark Zhao’s first public statements since agreeing to a plea deal with the U.S. Department of Justice. He asserted he couldn’t envision leading a startup again but expressed openness to mentoring future entrepreneurs.

Binance’s Legal Woes: Zhao Exits, New Leadership Steps In

Binance was charged on three counts: running an unlicensed remittance business, breach of economic sanctions, and conspiracy, which attracted a hefty penalty of $4.3 billion and forfeiture.

However, Zhao confessed to the offense against the Bank Secret Act, and the DOJ imposed a $ 50 million fine. The deal looks like an important precedent to the recently issued decision on Sam Bank-Man Fried, co-founder of FTX, and its unprecedented speed.

Released on a $175 million bond, Zhao faces sentencing on Feb. 23. Meanwhile, Teng, described as a “highly qualified leader,” outlined his focus on financial strength, regulatory compliance, and fostering growth and adoption of Web3.

Teng assured stakeholders of Binance’s commitment to security and transparency, aligning with Zhao’s vision for the company’s next phase. As the new CEO, he aims to collaborate with regulators and uphold global standards. Additionally, he plans to work with partners to drive Binance’s evolution.

It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.

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…

— Richard Teng (@_RichardTeng) November 21, 2023

Moreover, Zhao expressed confidence in Teng’s ability to steer Binance through its next growth phase. He emphasized a commitment to security, transparency, compliance, and expansion.

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