The house that CZ built will now be helmed by its Head of Regional Markets as the U.S. Department of Justice has barred the former CEO from his position.
Binance has named its head of regional markets outside of the U.S., Richard Teng, as its new CEO. The change comes as founder and former CEO Changpeng “CZ” Zhao has resigned and plead guilty to charges levied against him by the U.S. Department of Justice.
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
As Cointelegraph reported earlier, CZ and Binance have agreed to a plea deal with the DOJ over alleged anti-money laundering violations. The resulting settlement will cost the company $4.3 billion dollars and, reportedly, bars CZ from serving as an executive at any cryptocurrency companies. He won’t have to give u his shares, however, and will apparently serve no jail time.
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