The former CEO of the major crypto exchange Binance, Changpeng “CZ” Zhao, will also resign as chairman of the board of the U.S.-based exchange Binance.US.

In a post to their X accounts on 28 November, Binance.US reminded that they were not a part of the $4.3 billion deal announced on 21 November between U.S. authorities, Binance and CZ. However, Zhao agreed to leave the exchange. He will “no longer be included” in the management of Binance.US and will transfer his voting rights through a proxy. As a result CZ Officially Leaving.

In the subsequent post sent from the X account, the following statements were made about the exchange:

The exchange said, “We are extraordinarily grateful to CZ for his guidance and advice over the years. Binance.US continues to be managed by our current experienced management team, led by Norman Reed.”

We wanted to provide an update to the https://t.co/AZwoBOgsqS community in light of last week’s news regarding CZ and https://t.co/IZwa5M2U8b.

As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…

— Binance.US (@BinanceUS) November 28, 2023

You may be interested: Binance, Awaiting CZ’s Penalty In Federal Case, Must Pay 4.3 Billion Dollars!

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The post CZ Officially Leaving Binance.US! appeared first on Coin Engineer.

By admitting his mistakes, he wants to take responsibility and states this step is best for the Binance community, the company, and himself. Binance is no longer a baby and it’s time for it to walk its own path. Richard Teng has been announced as the new CEO of the company. Richard is known for his experience in financial services and regulation and will guide the company in its new growth period.

Richard Teng previously served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer at Singapore Exchange, and Director of Corporate Finance at the Singapore Monetary Authority.

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This management change suggests a stable future for Binance. The markets may react positively to the new leadership’s transparency, compliance, and growth commitments. Especially, solutions between Binance and U.S. agencies that do not contain allegations that the company has misused user funds or manipulated markets are considered a confidence-building element. The former CEO’s future plans consist of a bit of rest and then passive investments in the fields of blockchain/Web3/DeFi, Artificial Intelligence, and biotechnology. This move may inspire other entrepreneurs in the crypto world.

Conclusion: The stepping down of Binance’s founder as CEO could be a new beginning for the company. It is eagerly awaited what impact this change will have in the crypto sector, and how the markets will react to this development.

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Changpeng Zhao (CZ) resigned! Binance will pay a penalty!

The post Binance New CEO Richard Teng appeared first on Coin Engineer.