New Binance CEO Opens Up on Plans for the Exchange
- Richard Teng promised to maintain frequent communication with Binance users as part of his user-focused approach.
- US prosecutors believe Zhao is a flight risk and should remain in the country.
Crypto exchange Binance has undergone massive changes over the last few days, including a $4 billion fine from the US Department of Justice as well as the resignation of its founder, Changpeng “CZ” Zhao, as the company’s CEO.
Binance named Richard Teng, its former global head of regional markets, as its new CEO, and Teng has wasted no time in hitting the ground running. In a blog post released on Monday, November 27, Teng expressed his commitment to the exchange and plans to continue to drive growth and increase adoption.
Teng commended Zhao and stated that he had taken on the position with the former CEO’s approval. However, the new Binance CEO tried to separate himself from the CZ-led leadership, which breached US policies. Teng wrote that his role is to “lead our talented and committed team into that future while respecting and learning from the past.”
He also assured the exchange’s clients of frequent communications, as Binance intends to maintain a user-focused approach to “drive growth and the adoption of Web3.”
I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts—Twitter and LinkedIn—and through the many industry conferences and events around the world.
Teng also expressed his commitment to the “Binance Way” in his blog post, saying that his goal is to “consistently deliver best-in-class products that people use and find valuable.” Additionally, he stated that providing users with “freedom of money” is Binance’s “core mission.”
Teng’s optimistic tone is part of an effort to improve investor trust and stir the exchange back to stability. Teng said Binance was “stronger today than we have ever been,” noting that the trading platform has “systematically worked to address its past compliance issues” over the last few years.
There’s no doubt that Teng has a huge job in running Binance’s operations, especially as the exchange works to improve its adherence to U.S. regulation and cope with the departure of prominent figures like CZ from its leadership.
Zhao and Binance both entered guilty pleas to breaking criminal U.S. anti-money laundering regulations. As part of the settlement, Zhao agreed to resign as CEO and was barred from holding any leadership position with the firm for three years. In addition to leaving the US, Binance will pay $4.3 billion in settlements, and Zhao will personally pay a $50 million penalty.
Zhao was one of the most prominent crypto figures of the last five years. However, his long-running troubles with US regulators came to an end last week. The 46-year-old billionaire acknowledged that he had “made mistakes” and “must take responsibility.” CZ also gave his followers a glimpse into his plans, noting that he will take time off and pursue other hobbies, including “passive investing” and even mentoring companies.
The former crypto executive, however, faces a huge battle to stay out of US prison. Last week, US prosecutors sought to prevent his return to Dubia, deeming him a flight risk.