Richard Teng, Binance’s former world head of regional markets and now CEO, introduced his intention to drive development on the crypto trade following Changpeng “CZ” Zhao stepping down.
In a Nov. 27 weblog submit, Teng stated 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 response to Teng, Binance plans to proceed a user-focused method to its enterprise and “drive development and the adoption of Web3,” assuring prospects they’ll 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 neighborhood 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 rapid focus areas, focus on our accountability 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 with 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 trade’s whole holdings rising to greater than $65 billion.
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Teng turned CEO of the most important crypto trade 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 at least one felony cost and pays $150 million to regulators, whereas the crypto trade agreed to roughly $4.3 billion in penalties.
Authorities are making an attempt to limit journey for Zhao, who’s often primarily based within the United Arab Emirates and has household in Dubai. The previous Binance CEO might resist 18 months in jail following his sentencing in February 2024.
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