In a significant development for the cryptocurrency industry, Binance, the world’s largest cryptocurrency exchange, has announced the appointment of Richard Teng as its new CEO.
The settlement, reached with the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC), resolves a long-running investigation into Binance’s alleged money laundering, bank fraud, and sanctions violations. CZ’s departure is seen as a step towards appeasement of regulators and a commitment to operating in a compliant and transparent manner.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ 🔶 Binance (@cz_binance) November 21, 2023
“I made mistakes, and I must take responsibility,” CZ stated in a public letter announcing his resignation. “This is best for our community, for Binance, and for myself.”
Stepping into the role of the new CEO, Richard Teng brings a wealth of financial services and regulatory experience, having held key leadership positions at the Abu Dhabi Global Market (ADGM), the Singapore Exchange (SGX), and the Monetary Authority of Singapore (MAS).
In response to the changing regulatory environment, Teng remarked, “It is an honor and with the deepest humility that I step into the role of Binance’s new CEO. We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150 million users and thousands of employees is a responsibility that I take seriously and hold dear.”
Expressing gratitude for the support from CZ and the leadership team, Teng outlined his vision for Binance’s future. “To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team.”
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…
— Richard Teng (@_RichardTeng) November 21, 2023
His key focus areas include reassuring users about the financial strength, security, and safety of the company, collaborating with regulators globally to uphold high standards while fostering innovation, and working with partners to drive growth and adoption of Web3.
“Richard is a highly qualified leader with a proven track record of success,” CZ stated. “I am confident that he will lead Binance into a new era of growth and prosperity.”
As for CZ’s plans after stepping down, he intends to take a break and pursue passive investing opportunities in blockchain, Web3, DeFi, AI, and biotech. He also expressed his willingness to mentor upcoming entrepreneurs and share his insights from his experience leading Binance.
“I can’t see myself being a CEO driving a startup again,” CZ admitted. “I am content being a one-shot (lucky) entrepreneur.”
Despite his departure, CZ remains a significant shareholder in Binance and will continue to be available to consult as needed. He expressed his pride in Binance’s accomplishments and his belief in its future potential.
With Teng’s appointment, Binance signals its commitment to operating in a compliant and transparent manner, addressing past mistakes, and upholding the highest standards of security. The exchange seeks to navigate a complex regulatory landscape and emerge as a leader in the ever-evolving cryptocurrency industry.