Changpeng Zhao, often known as “CZ,” a co-founder of Binance, abruptly resigned as the company’s CEO earlier today, shocking the cryptocurrency community.
Having managed Binance since its founding in 2017, CZ recognized the difficulties the company was facing and the need for fresh blood to see it through to the next stage of expansion. Richard Teng, the newly appointed CEO of the company, was previously the Global Head of Regional Markets, and he conveyed his confidence in his talents.
According to CZ, Richard is a highly skilled leader with a wealth of knowledge in the financial services sector. “He is in a good position to guide Binance through its upcoming growth phase and make sure we keep up our delivery of security, transparency, and compliance.”
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Teng joins his new position with more than thirty years of expertise in financial services and regulatory affairs. He was previously the Chief Regulatory Officer of the Singapore Exchange (SGX), the Director of Corporate Finance at the Monetary Authority of Singapore, and the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
Teng’s job in his new role will be to steer Binance through the constantly changing cryptocurrency market and make sure the company stays a global leader while trying to follow all legal and regulatory requirements.
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CZ will continue to work with Binance as a consultant and stakeholder, offering advice and assistance to the new management group. His in-depth knowledge of the business and its background will be very helpful as Binance works through the opportunities and difficulties that lie ahead.
Going forward, CZ intends to take a sabbatical and investigate novel pursuits, such as mentorship and passive investment.
CZ’s announcement followed a news release from the U.S. Department of Justice’s Office of Public Affairs, which said:
“Binance Holdings Limited (Binance), the company that runs Binance.com, the largest cryptocurrency exchange in the world, entered a guilty plea today and agreed to pay over $4 billion to end the Justice Department’s investigation into violations of the International Emergency Economic Powers Act (IEEPA), the Bank Secrecy Act (BSA), and failure to register as a money transmitting business.
The founder and CEO of Binance, Changpeng Zhao, is a Canadian national who resigned from the position after entering a guilty plea to violating the BSA by neglecting to establish an efficient anti-money laundering (AML) program. The coordinated resolutions including Binance’s guilty plea, the U.S. Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)
Merrick B. Garland, the attorney general, stated the following:
“Binance’s crimes helped it grow into the biggest cryptocurrency exchange in the world; as a result, it is currently paying one of the biggest corporate fines in American history. The heads of two of the biggest cryptocurrency exchanges in the world have been successfully prosecuted by the Justice Department in two different criminal proceedings in as much as a month. This should send a very clear message: breaking the law using new technology does not make you a disruptor; rather, it makes you a criminal.
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