Binance Appoints Richard Teng as CEO after Changpeng Zhao’s Exit

H2: Binance Appoints New CEO Outside the U.S.

Binance has made a significant change in its leadership, naming Richard Teng, the head of regional markets outside of the U.S., as its new CEO. This decision follows the resignation of founder and former CEO Changpeng “CZ” Zhao, who has also pleaded guilty to charges brought against him by the U.S. Department of Justice.

H3: A Shift in Leadership

Teng’s appointment as CEO comes in the wake of CZ’s public announcement on Twitter, stating, “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” (CZ Binance, November 21, 2023).

As reported by reputable sources, CZ and Binance have reached a plea deal with the DOJ regarding alleged anti-money laundering violations. The resulting settlement will cost the company $4.3 billion and reportedly prohibits CZ from holding executive positions at any cryptocurrency companies. However, he will retain his shares in the company and will not serve any jail time.

This is an ongoing story, and further developments will be added as they become available.

Source: Cointelegraph

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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