Founder-CEO of Binance, the world’s largest cryptocurrency exchange Changpeng Zhao stepped down from his role after pleading guilty to violating US anti-money laundering laws. As part of the deal, Zhao is not allowed to take an executive position in the company for the next three years, according to reports.
Thus, in his announcement on social media site X, formerly Twitter, Zhao announced that Richard Teng, Binance’s global head of regional markets, will take over as CEO.
“I am pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will “Navigate the company through its next period of growth. He will ensure that Binance fulfills our next phase of security, transparency, compliance and growth,” Zhao. wrote.
Also read: Binance CEO pleads guilty, steps down from company. Who is Changpeng Zhao?
The sequence was also announced by Binance in an official statement to the press and acknowledged by Teng in a separate post on X.
Who is Richard Teng?
A longtime Binance executive, Teng was promoted to global head of regional markets earlier this year.
According to Zhao’s tweet, before joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore.
“With Richard and the entire team, I’m sure the best days for @Binance and the crypto industry are ahead,” Zhao said.
Also read: What is Binance’s relationship with terrorist groups like Hamas, Al-Qaeda, ISIS and Palestinian Islamic Jihad? Explained
“I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion,” he added in another post.
Leadership of Teng
In his own post on X, Teng said he stepped into the role of Binance CEO with “honor and deepest humility.”
“We operate the largest cryptocurrency exchange in the world by volume. The trust placed in us by our 150 million users and thousands of employees is a responsibility that I take seriously and appreciate. With CZ, and the support of our leadership team, I have accepted this role so that we can continue to meet and exceed stakeholder expectations as we fulfill our core mission, financial freedom,” said Teng.
He also sought to reassure those shaken by the crypto sector crisis, adding “The foundation on which Binance stands today is stronger than ever. To ensure a bright future, I intend to use everything I have learned over the last three decades of financial services. and regulatory experience to lead our remarkable, innovative and committed team.”
Also Read: ‘I Made Mistakes…,’ CEO Changpeng Zhao Resigns After Pleading Guilty to Money Laundering Violations, Terrible Relationships
“My focus will be 1) reassuring users that they can remain confident in the company’s financial strength, safety and security; 2) working with regulators to uphold high standards worldwide that foster innovation while providing important consumer protections; and 3 ) working with partners to drive growth and adoption of Web3,” Teng outlined.
He added, “We are here to stay. Please lend me your support. Excited for the next few days!”
What about Zhao?
In his post about Teng’s appointment, Zhao said he would “remain available as a shareholder and former CEO with historical knowledge” of the company; and “would consult when needed, in accordance with the framework set in our resolutions of an American agency”.
In another post addressing today’s events on X, Zhao wrote, “What’s next for me? First I’m going to take a break. I haven’t had a single day of real (phone off) for the past 6 and a half years. After that. , My current thinking is that I’ll probably do some passive investing, being a minority token/shareholder in startups in blockchain/Web3/DeFi, AI and biotech areas. I’m glad I’ll finally have more time to spend looking at DeFi. .”
Read also | Binance lays off more than 1,000 employees, including 36 in India – Report
Having founded another company, he said, “I can’t see myself as a CEO running a startup again. I’m content to be a one-time (lucky) entrepreneur. If there were listeners, I may be open to being a coach/mentor. to a small number of up-and-coming entrepreneurs, in private. If nothing else, I can at least tell them what not to do.”
He also listed resolutions reached with US agencies with respect to Binance, adding, “Don’t claim that Binance has misappropriated any user funds, and don’t claim that Binance has engaged in any kind of market manipulation. Funds are SAFU! (safe).”
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Updated: 22 Nov 2023, 08:54 IST