Cryptocurrency exchange Binance announced a change in leadership following its agreement with US authorities. Changpeng Zhao, the founder and CEO of Binance, announced that he resigned from his position with a sincere statement. He will now be succeeded by Richard Teng, a seasoned executive with over three decades of experience in financial services and regulation.
Changpeng Zhao’s resignation
In his resignation statement, Zhao acknowledged the emotional difficulty of parting ways with a company he had nurtured since its infancy. He candidly admitted his mistakes and emphasized the importance of taking responsibility for them. Zhao expressed confidence that Binance will continue to grow and succeed under Teng’s leadership. CZ said the following on the subject:
Today I resigned as CEO of Binance. Admittedly, it wasn’t easy to let go emotionally. But I know it’s the right thing to do. I made mistakes and I must take responsibility. This is what’s best for our community, Binance, and myself. Binance is no longer a baby. It’s time for me to let him walk and run. I know Binance will continue to grow and succeed with the deep staff it has. I’m pleased to announce: RichardTeng, our former Global Head of Regional Markets, was today appointed as the new CEO of Binance.
Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, will lead the company through its next period of growth. It will enable Binance to achieve the next phase of security, transparency, compliance and growth. Prior to joining Binance, Richard served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); He served as Chief Regulatory Officer at the Singapore Exchange (SGX) and as Director of Corporate Finance at the Monetary Authority of Singapore.
What’s next for the former CEO of Binance?
Changpeng Zhao also talked about his next plans. He continued his explanation as follows:
As a shareholder and former CEO with historical knowledge of our company, I will continue to be available to the team to advise as needed, in accordance with the framework set forth in our US agency decisions. What’s next for me? I’ll take a break first. I haven’t had a single day of real break (with my phone turned off) for the last 6 and a half years. Going forward, my current thinking is that I will probably do some passive investing, becoming a minority token/shareholder in startups in blockchain/Web3/DeFi, AI and biotech. I’m happy to finally have more time to study DeFi.
I can’t see myself being a CEO running a startup again. I’m happy to be a one-time (lucky) entrepreneur. If anyone would listen, I might be open to privately coaching/mentoring a small number of new entrepreneurs. If for nothing else, at least I can tell them what not to do. In this context, in our discussions with US institutions
- They do not allege that Binance has misappropriated any user funds, and
- It does not claim that Binance engaged in any market manipulation.
- Funds SAFU!
That said, I look forward to new leadership taking the reins. I congratulate Richard on his well-deserved promotion.
https://twitter.com/cz_binance/status/1727063503125766367
Allegations against Binance exchange
The leadership transition comes amid allegations that Binance and Zhao violated anti-money laundering laws. As we reported as Kriptokoin.com, the reports detailed the accusations, prompting quick action. Following CZ’s resignation, Teng was appointed as the new CEO. In response to the community and stakeholders, Teng expressed his determination to meet expectations and ensure compliance with safety regulations. He promised to lead Binance towards its core mission of financial freedom.
Who is Richard Teng?
Teng brings a wealth of experience to his new role, having previously served as Global Head of Regional Markets at Binance. Teng’s impressive career includes positions such as CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange, and Director of Corporate Finance at the Monetary Authority of Singapore. During Teng’s journey to the CEO position, he held important roles in traditional regulatory bodies, such as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and Chairman of the Regulatory Board at the Singapore Exchange.
His tenure at the Monetary Authority of Singapore contributed to the transformation of Singapore’s financial services landscape. In a blog post, Binance highlighted Teng’s achievements since joining Binance Singapore as CEO in August 2021 and later overseeing various regions as Head of Regional Markets. Teng’s vision revolves around leveraging his extensive expertise to lead Binance towards a brighter future, emphasizing cooperation with regulators and maintaining user trust.
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