Binance Appoints Richard Teng as CEO Following Changpeng Zhao's Resignation

New Leadership at Binance

In a surprising turn of events, Binance, one of the world's largest cryptocurrency exchanges, has announced the appointment of Richard Teng as its new CEO. This comes after the resignation of founder Changpeng Zhao, also known as CZ, who has pleaded guilty to charges brought against him by the U.S. Department of Justice.

A Plea Deal and Consequences

CZ and Binance have reached a plea deal with the DOJ, which involves a settlement of $4.3 billion for alleged anti-money laundering violations. As part of this agreement, CZ will no longer be able to serve as an executive in any cryptocurrency companies, and he will be required to pay a $50 million fine. However, he will retain his shares and will not face jail time.

Richard Teng Takes the Helm

Richard Teng, who previously served as Binance's head of regional markets outside of the U.S., has been promoted to CEO. CZ himself confirmed Teng's appointment, praising his extensive financial services and regulatory experience. In his first statement as CEO, Teng expressed gratitude for the trust placed in Binance by its users and employees and outlined his focus on security, transparency, compliance, and growth.

This is a developing story, and more information will be provided as it becomes available.