There are two major developments that occurred with Binance company as CZ stepped down as CEO and Binance’s resolution with US regulators.
Shocking news came with the major leadership change of Binance as its co-founder CZ (Changpeng Zhao) stepped down as CEO of Binance. He pleaded guilty to violating US anti-money laundering laws as part of a $4.3 billion settlement. He stepped down immediately following his charges.
CZ announced his dismissal as CEO on X
He wrote on X that I resigned as CEO of Binance today. It was difficult to let go emotionally. But I know it is the right decision. I made mistakes for which I must accept responsibility. This is in the best interests of our community, Binance, and myself.
He stated that Binance is no longer a baby. It’s time for me to step back and let it walk and run. With such a strong team, he is confident that Binance will continue to develop and thrive.
He is delighted to announce the appointment of Richard Teng as the new CEO of Binance. Richard is the former Global Head of Regional Markets.
Richard Teng on becoming Binance’s CEO
The newly appointed Richard Teng accepted the position of Binance’s CEO with great honor and humility. He said that Binance runs the world’s largest cryptocurrency exchange in terms of volume.
The trust that their 150 million users and thousands of workers have placed in them is a duty that he takes seriously and cherishes.
He accepted this new post with the support of CZ and their leadership team so that they may continue to meet and surpass the expectations of stakeholders while attaining their main goal and financial freedom.
Binance has reached a resolution with US agencies
Binance has reached resolutions with US agencies that have resolved historical registration, legal compliance, and sanction issues.
It released an official statement that these resolutions do not allege or indicate that Binance misappropriated any user funds nor did the business engage in any market manipulation.
Binance will pay $4.3 billion in fines as part of the settlement. According to US Attorney General Merrick Garland, this is one of the largest corporate penalties in the history of the United States.
In the previous year, the US government investigated US-based company Binance Holdings Ltd for three charges against it. The three counts of charges were money laundering violations, conspiracy to conduct an unlicensed money-transmitting business in the US, and sanctions violations.
Today this prolonged investigation has ended with the resignation of CZ as CEO of Binance. As well CZ will pay a $4.3 billion fine as it is the part of deal. And it has resolved the long-lasting conflict with several US agencies related to their investigations.
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