Binance CEO outlines plan for crypto exchange after CZ steps down

Richard Teng, Binance’s former world head of regional markets and now CEO, introduced his intention to drive progress on the crypto exchange following Changpeng “CZ” Zhao stepping down.

In a Nov. 27 weblog publish, Teng said he had the assist of CZ and Binance’s management following the previous CEO’s departure as a part of an settlement with United States officers. In keeping with Teng, Binance deliberate to proceed a user-focused strategy to its enterprise and “drive progress and the adoption of Web3,” assuring prospects they might hear extra from him quickly.

“I’m keen to leap headfirst into my new function and know there can be many extra alternatives for me to share my ideas with the group by way of blogs like this one, by way of my social media accounts – Twitter, LinkedIn – and thru the various trade conferences and occasions all over the world,” stated Teng.

Right here is my first weblog as #Binance CEO.

I wish to take this chance to share quick focus areas, talk about our duty to customers and my view on the way forward for our trade.https://t.co/c6QMS6Ulmm

— Richard Teng (@_RichardTeng) November 27, 2023

It’s unclear how Teng will handle Binance’s enterprise because it balances U.S. oversight and a widely known determine like CZ shifting out of its management. On Nov. 22, blockchain analytics agency Nansen reported that there didn’t seem like a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the exchange’s total holdings increasing to greater than $65 billion.

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Teng turned CEO of the most important crypto exchange after Zhao agreed to step down as a part of a settlement with the U.S. Division of Justice introduced on Nov. 21. CZ pleaded responsible to 1 felony cost and can pay $150 million to regulators, whereas the crypto exchange agreed to roughly $4.3 billion in penalties.

Authorities are attempting to restrict travel for Zhao, who’s normally primarily based within the United Arab Emirates and has household in Dubai. The previous Binance CEO may resist 18 months in jail following his sentencing in February 2024.

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