Changpeng Zhao Steps Down From Binance, Richard Teng Named New CEO

Changpeng Zhao, the CEO of Binance (CRYPTO: BNB), the world's largest cryptocurrency exchange, announced his resignation from the role Tuesday.
Zhao's decision comes after a period of intense scrutiny and regulatory challenges for Binance, with the U.S. Department of Justice slamming the crypto exchange with criminal charges and Binance agreeing to settle the case by paying a penalty of $4.3 billion.

Zhao, often known as "CZ," revealed his decision in a statement, acknowledging the emotional challenge of stepping down but emphasizing the necessity of taking responsibility for past mistakes.
Zhao pleaded guilty Tuesday to anti-money laundering violations, agreeing to leave Binance and pay a $50-million fine. Prosecutors are seeking an 18-month prison sentence for Zhao, according to The New York Times.

The resolutions with U.S. agencies reached Tuesday did not allege any misappropriation of user funds or market manipulation by Binance, Zhao said in his statement, reassuring users that their funds are safe.

Zhao expressed his confidence in Binance's future, stating: "Binance is no longer a baby. It is time for me to let it walk and run."

The exchange will continue to thrive under its new leadership, he said.

Richard Teng is the new CEO of Binance.

Teng, previously the global head of regional markets at Binance, has extensive experience in financial services and regulatory roles.

His previous positions include CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, chief regulatory officer of the Singapore Exchange and director of corporate finance at the Monetary Authority of Singapore.

Also Read: Crypto Experts On Binance CEO Resignation: Exchanges Out, Big Players In For Bitcoin, Ether ETFs

Photo: Web Summit on flickr.

$BNBBNB

$606.89-0.07%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.