ChangPeng Zhao (CZ) just passed the CEO torch at Binance to the one and only Richard Teng. Why? Well, rumor has it CZ got caught up in a messy money management situation and has pleaded guilty to violating US anti-money laundering law.
In a heartfelt post on his X handle, CZ spilled the beans: “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.
CZ continued, ““Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.”
“I’m pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.”
According to General Merrick Garland, a US Attorney: “Binance made it easy for criminals to move their stolen funds and illicit proceeds on its exchanges. Binance also did more than just fail to comply with federal law. It pretended to comply.”
Now, let’s talk Richard Teng, our new crypto captain. In his own words, 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 dear.
But wait, there’s more! CZ proudly shared, “No misappropriation, no market manipulation allegations here, folks. Binance is clean, and we’re ready for the next big wave in crypto.”
Richard’s game plan? Reassure users, cozy up with regulators, and keep Binance rocking the innovation boat. Oh, and drive the adoption of Web3 because, well, why not?
So, buckle up, crypto fam! With Teng at the helm, Binance’s next chapter is gonna be legendary.
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