- Binance CEO Changpeng Zhao steps down, names Richard Teng as successor.
- CZ cites past mistakes and expresses confidence in Richard Teng.
- Richard Teng outlines focus on security, transparency, and global growth.
In a surprising move today, Changpeng ‘CZ’ Zhao announced his resignation as CEO of Binance, citing the need to take responsibility for past mistakes. CZ expressed emotional difficulty but believes stepping down is in the best interest of the community and the platform.
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He hands the reins to Richard Teng, former Global Head of Regional Markets, who brings over three decades of financial services and regulatory expertise.
Richard Teng’s impressive background includes roles as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and Chief Regulatory Officer of the Singapore Exchange. CZ expressed confidence in Teng’s ability to lead Binance through its next phase, focusing on security, transparency, compliance, and growth.
As CZ takes a well-deserved break, he outlines plans for passive investing in blockchain, Web3, DeFi, AI, and biotech startups. While ruling out a return to a CEO role, he may consider mentoring emerging entrepreneurs privately. CZ emphasized Binance’s resolutions with U.S. agencies, asserting no allegations of misappropriation or market manipulation and ensuring users’ funds’ safety.
In his new role, Richard Teng acknowledged the responsibility of leading the world’s largest crypto exchange. His focus includes reassuring users of Binance’s financial strength and security, collaborating with regulators globally, and driving Web3 growth with partners. Teng expressed commitment to the platform’s mission, assuring stakeholders of a strong and innovative future.
From responses to both tweets, we see how the crypto community comes together to bid farewell to CZ’s era and welcome Richard Teng’s leadership. Together, the community anticipates continued growth and success for Binance in the evolving crypto landscape.
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