Changpeng Zhao, widely known as CZ, has stepped down as the CEO of Binance, one of the world’s largest cryptocurrency exchanges, and agreed to pay a $4.3 million settlement. Zhao made the announcement in a tweet, acknowledging his mistakes and taking responsibility for the benefit of the Binance community and himself.
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
In his farewell statement, Zhao expressed the difficulty of letting go emotionally but emphasized that it was the right decision for Binance, which has evolved from its early stages into a major player in the crypto industry. He handed over the reins to Richard Teng, the former Global Head of Regional Markets at Binance, as the new CEO.
Richard Teng brings over three decades of financial services and regulatory experience to his new role. His previous positions include CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer of the Singapore Exchange, and Director of Corporate Finance at the Monetary Authority of Singapore. Zhao expressed confidence that Teng’s leadership would guide Binance through its next phase of growth, focusing on security, transparency, compliance, and overall development.
As for Zhao’s future plans, he mentioned taking a break after an intense 6.5 years of continuous work. Looking ahead, he hinted at engaging in passive investing, particularly as a minority token/shareholder in startups in the blockchain, Web3, DeFi, AI, and biotech sectors. Notably, Zhao expressed enthusiasm for dedicating more time to exploring the decentralized finance (DeFi) space.
While ruling out the possibility of returning as a startup CEO, Zhao expressed interest in potentially becoming a coach or mentor for a select number of upcoming entrepreneurs, sharing his experiences and insights. In his parting note, he highlighted the positive aspects of Binance’s resolutions with U.S. agencies, emphasizing that there were no allegations of misappropriation of user funds or engagement in market manipulation.
Zhao concluded his announcement by expressing optimism for Binance’s future under new leadership and encouraging the community to congratulate Richard Teng on his promotion. The cryptocurrency world will undoubtedly be watching closely as Binance enters this new chapter with a change in leadership.
