Richard Teng, Binance’s former international head of regional markets and now CEO, introduced his intention to drive progress on the crypto exchange following Changpeng “CZ” Zhao stepping down.
In a Nov. 27 weblog submit, Teng said 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. According to Teng, Binance plans to proceed a user-focused strategy to its enterprise and “drive growth and the adoption of Web3,” assuring prospects they’ll hear extra from him quickly.
“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,” mentioned Teng.
Here is my first weblog as #Binance CEO.
I wish to take this chance to share instant focus areas, talk about 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 transferring out of its management. On Nov. 22, blockchain analytics agency Nansen reported that there didn’t look like a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the exchange’s total holdings increasing to greater than $65 billion.
Related: New Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics
Teng grew to become CEO of the most important crypto exchange after Zhao agreed to step down as a part of a settlement with the U.S. Department of Justice introduced on Nov. 21. CZ pleaded responsible to 1 felony cost and can pay $150 million to regulators, whereas the crypto exchange agreed to roughly $4.3 billion in penalties.
Authorities are attempting to restrict travel for Zhao, who’s often primarily based within the United Arab Emirates and has household in Dubai. The former Binance CEO might withstand 18 months in jail following his sentencing in February 2024.
Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto
