May 29, 2024
Richard Teng Takes Helm as Binance CEO
Latest Cryptocurrency News

Richard Teng Takes Helm as Binance CEO Post CZ’s Resignation

Richard Teng, who previously served as Binance’s global head of regional markets and is now the CEO, revealed his plans to lead the crypto exchange’s expansion following Changpeng “CZ” Zhao’s resignation.

Teng conveyed in a blog post on November 27 that he had the backing of CZ and the leadership at Binance post the former CEO’s departure, which was part of an arrangement with U.S. authorities. He outlined Binance’s commitment to maintaining a user-centric approach to its operations and to drive growth while promoting the adoption of Web3, ensuring customers of forthcoming updates from him.

Expressing enthusiasm for his new role, Teng stated, “I am excited to fully engage in my new responsibilities and anticipate numerous opportunities to communicate with the community through blogs like this, my social media handles—Twitter, LinkedIn— and various global industry conferences and events.” The approach Teng will adopt in steering Binance’s business remains uncertain as it navigates U.S. oversight subsequent to CZ’s departure from leadership.

Nansen, a blockchain analytics firm, reported on November 22 that there was no significant withdrawal of funds within 24 hours of the U.S. settlement with Binance, observing an increase in the exchange’s total holdings to over $65 billion. Teng assumed the role of CEO after Zhao agreed to step down as part of the settlement announced by the U.S. Department of Justice on November 21. CZ admitted guilt to a felony charge and agreed to a $150 million settlement with regulators, while the crypto exchange consented to approximately $4.3 billion in penalties.

Efforts are being made to restrict Zhao’s travel; he typically resides in the United Arab Emirates and has family in Dubai. The former Binance CEO faces a potential 18-month prison sentence upon sentencing in February 2024.

Image by freepik

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