By: Isha Das
Former head of global regional markets and now CEO of Binance, Richard Teng, has outlined his plans for the renowned cryptocurrency exchange following the step down of founding CEO, Changpeng Zhao or CZ. The shift in leadership comes as a result of a settlement with the U.S. Department of Justice that was announced on Nov. 21, which CZ is in agreement with.
In his first blog post on Nov. 27 as the new chief executive, Teng expressed that he plans to drive growth and adoption of Web3 at Binance, maintaining a user-centric approach and ensuring customers keep receiving updates on the new turn of events. It is yet unclear how Teng plans to balance U.S. oversight with CZ stepping out of Binance's leadership.
Despite the leadership change, blockchain analytics firm Nansen reported no mass exodus of funds 24 hours after the U.S. settlement, indicating trust in the exchange's stability. On the contrary, Binance's total holdings increased to more than $65 billion. Teng has pledged commitment to 'the Binance way', reassuring that the firm has "turned the page" following the settlement.
It is worth noting that the settlement resulted in payment of roughly $4.3 billion in penalties by the exchange and a $150 million payment by CZ who pleaded guilty to a felony charge. Post his sentencing in Feb 2024, Zhao could face up to 18 months in prison while his travel is being restricted by U.S. authorities.
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