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| Binance President frames plan for crypto trade after CZ ventures down |
Richard Teng became CEO of crypto exchange Binance after Changpeng Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21.
Richard Teng, Binance’s former global head of regional markets and now CEO, announced his intention to drive growth at the crypto exchange following Changpeng “CZ” Zhao stepping down.
In a Nov. 27 blog post, Teng said he had the support of CZ and Binance’s leadership following the former CEO’s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.
“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, LinkedIn — and through the many industry conferences and events around the world,” said Teng.
It’s unclear how Teng will manage Binance’s business as it balances U.S. oversight with a well-known figure like CZ moving out of its leadership. On Nov. 22, blockchain analytics firm Nansen reported that there didn’t appear to be a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the exchange’s total holdings increasing to more than $65 billion.
Teng’s tenure will focus on three aspects of the business as CEO: reinstating investor confidence, collaborating with regulators and driving Web3 adoption, he said.
Amid ongoing confusion, uncertainty and rumors around the recent departure of Changpeng “CZ” Zhao as Binance CEO, his replacement, Richard Teng, took to X (formerly Twitter) in an attempt to boost investor confidence.
Soon after CZ announced he was stepping down, Binance critics on X shared their opinions on what lies ahead for the crypto exchange. While some sought details on the source of funds for CZ’s and Binance’s legal proceedings and settlement, which exceed $4 billion in total, others claimed mistrust due to discrepancies in Binance’s previously shared proof of reserves (PoR).
Coinbase director Conor Grogan estimates that Binance can pay off the hefty fines imposed by the United States Department of Justice (DOJ) without selling any crypto assets.
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