Richard Teng, the current CEO of Binance and former global director of regional markets, declared his intention to spearhead expansion at the cryptocurrency exchange after the departure of Changpeng “CZ” Zhao.
As per an agreement with United States officials, Teng stated in a blog post on November 27 that he had the backing of CZ and Binance’s leadership after the former CEO’s departure.
Customers can expect further communication from Teng regarding Binance’s commitment to a user-centric business model and its efforts to “drive growth and the adoption of Web3.”
Teng stated, “I am enthusiastic about embracing my new position and am certain that I will have numerous opportunities to contribute to the community through various channels, including this blog, my social media profiles (Twitter, LinkedIn), and the numerous industry conferences and events occurring globally.”
Teng’s approach to overseeing Binance’s operations in the face of U.S. supervision and the departure of a prominent figure such as CZ from its leadership remains to be determined.
Twenty-four hours after the U.S. settlement with Binance, blockchain analytics firm Nansen reports that there did not appear to be a “mass exodus of funds”; the exchange’s total holdings have increased to over $65 billion as of November 22.
As a result of Zhao’s resignation, announced on November 21 as part of a resolution with the U.S. Department of Justice, Teng assumed the role of CEO of the prominent cryptocurrency exchange.
The cryptocurrency exchange consented to approximately $4.3 billion in penalties, while CZ pleaded guilty to a single felony offense and agreed to pay $150 million to regulators.
Zhao, who maintains a home in Dubai and typically resides in the United Arab Emirates, is endeavoring to have his travel restrictions imposed by the authorities. Following his sentencing in February 2024, the former CEO of Binance may be required to serve a maximum of eighteen months in prison.
