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Binance founder Changpeng Zhao (CZ) resigns: Richard Teng to be appointed as the new CEO

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Binance founder Changpeng Zhao (CZ) resigns: Richard Teng to be appointed as the new CEO

Binance founder Changpeng Zhao, CZ, publicly responds to the U.S. Department of Justice lawsuit and shares his thoughts on resigning after reaching a plea deal.

Binance founder Changpeng Zhao agrees to resign and reaches a plea deal, with Binance fined $4.3 billion.

Binance Founder Zhao Changpeng CZ Resignation Statement

Today, I have stepped down as the CEO of Binance. Emotionally, it is a difficult decision to make. But I know it is the right one. I have made mistakes, and I must take responsibility. This is the best for our community, for Binance, and for myself.

Binance is no longer a baby. It is time to let it walk and run on its own. I know Binance will continue to grow and excel with its strong team.

I am pleased to announce that our current Head of Regional Markets globally, Richard Teng, has been appointed as the new CEO of Binance today.

Who is Richard Teng, the successor to Binance CEO CZ? Quickly taking over regions outside the U.S., who is Richard Teng?

Richard is a highly seasoned leader with over thirty years of experience in financial services and regulation. He will lead the company into the next phase of growth, ensuring Binance's success in security, transparency, compliance, and growth.

Prior to joining Binance, Richard served as the CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority; Chief Legal Officer of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore.

With Richard and the entire team, I am confident in the future of Binance and the crypto industry.

As a shareholder and former CEO, I will continue to advise the team based on the framework we have reached with U.S. authorities.

As for my next plans?

First, I will take a break. For the past 6 and a half years, I have never truly rested. I have always had my phone on.

After that, my current thought is that I may engage in some passive investments, becoming a minority shareholder in startups in the blockchain/Web3/DeFi, artificial intelligence, and biotech fields. I am excited to finally have more time to focus on DeFi.

I cannot imagine becoming a CEO of a new startup again. I am content to be a one-time fortunate entrepreneur. If anyone is willing to listen, I might be willing to be a coach/mentor to a few emerging entrepreneurs, providing guidance privately. If for nothing else, at least I can tell them what not to do.

At this point, I am proud to point out that in our agreement with U.S. authorities, they:

- Did not charge Binance with misusing any user funds, and
- Did not charge Binance with market manipulation.

SAFU!

I look forward to seeing the new leadership take over. Join me in congratulating Richard on his well-deserved promotion.

Onward!
CZ

New Binance CEO Richard Teng Statement

I am honored and deeply humbled to take on the role of the new CEO of Binance.

We operate the world's largest cryptocurrency exchange. The trust of our 150 million users and thousands of employees is a responsibility that I take seriously and cherish.

With the support of CZ and our leadership team, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while fulfilling our core mission of financial freedom.

The foundation laid by Binance today is stronger than ever before.

To ensure a bright future, I intend to leverage everything I have learned in my thirty years of experience in financial services and regulation to guide our outstanding, innovative, and dedicated team.

My focus will be on:

1) Assuring users that they can have confidence in the company's financial strength, security, and safeguards
2) Collaborating with regulatory authorities to maintain high standards globally, promote innovation, and provide essential consumer protections
3) Partnering with collaborators to drive the growth and adoption of Web3

We are here to stay. Support me. Excited for the days ahead!