Binance announced that it is prepared for the long term of the “next 50 years” with new CEO Richard Teng

Cryptocurrency exchange Binance says it can nonetheless operate stably even as the CEO place passes from Changpeng Zhao to his successor, Richard Teng.

Binance announced that it is prepared for the long term of the “next 50 years” with new CEO Richard Teng. Photo: Binance

As reported by Coinlive, Binance reached a settlement agreement with the US government in the early morning of November 22, accept a historic fine of $four.three billion to finish funds laundering investigations towards the platform.

CEO Changpeng Zhao was also forced to resign and pleaded guilty in a Seattle court. Mr. Zhao was fined $50 million, faced 18 months in prison and asked for bail with a surety well worth $175 million. Additionally, CZ is banned from holding a management place in Binance for the following three many years, but continues to be a shareholder holding the bulk of shares in the exchange.

He was offered the place of CEO of Binance Riccardo Tengwho was previously reported by Coinlive as the most likely candidate to exchange CZ mainly because he has practical experience operating for public companies in Singapore, Dubai (UAE) and has considerable practical experience in legal operate.

After joining Binance in 2021 and taking on the place of CEO of Binance Singapore, Richard Teng speedily rose to the top rated of the exchange’s leadership, getting to be Director of all Binance markets outdoors the US in May. /2023. This is also when rumors appeared that this character would turn out to be CZ’s substitute.

Mr Teng also appeared at the GM Vietnam occasion in July 2023, reaffirming the exchange’s commitments to end users.

In a publish on X (Twitter), Mr. Zhao admitted that he “made a mistake and is willing to take responsibility.” CZ explained it was time for him to consider a break and find out additional about DeFi. The former CEO explained the exchange has not been accused by the US government of taking users’ assets or getting concerned in industry manipulation, promising that customers’ assets are nonetheless secure.

Today I resigned as CEO of Binance. Of program, it was not quick to allow go emotionally. But I know it really is the proper matter to do. I created errors and I have to consider duty. This is far better for our local community, for Binance, and for me.

Binance is no longer a little one. He is…

— CZ 🔶 Binance (@cz_binance) November 21, 2023

Binance’s new CEO Richard Teng then launched a statement on X (Twitter) pledging to retain Binance as a trusted cryptocurrency exchange for 150 million end users globally. Looking ahead, Binance’s emphasis underneath Teng’s leadership will be to strengthen purchaser believe in in the exchange, cooperate with international authorities to make sure legal compliance, and carry on to encourage the Web3 market.

It is an honor and with the deepest humility to serve as the new CEO of Binance.

We operate the biggest cryptocurrency exchange in the globe by volume. The believe in positioned in us by our 150 million end users and 1000’s of staff is a duty that I consider significantly and will uphold…

— Richard Teng (@_RichardTeng) November 21, 2023

While lots of individuals are asking inquiries about what will take place to Binance with no CZ and how to shell out the $four.three billion fine, Binance published a blog site publish to give the local community with additional details on the situation. The exchange admitted there had been shortcomings in the initially couple of many years of operation when it did not impose measures to make sure legal compliance, but later on “made efforts to restructure the organisation, staff and systems” to make sure compliance with the law . protect against funds laundering.

Binance also did not fail to remember to mention the occasions the exchange has worked with international authorities above the previous two many years to halt criminals from utilizing the cryptocurrency, recovering tens of hundreds of thousands of bucks in assets.

We are pleased to share that we have reached a resolution with a number of U.S. companies with regards to their investigations.

This lets us to flip the web page on a demanding but transformative chapter of understanding that has aided us turn out to be more powerful, additional assured and an even additional safe platform.

— Binance (@binance) November 21, 2023

Similar to former CEO Zhao, Binance explained that the exchange has hardly ever misused users’ funds, but that the assets have usually been stored in the exchange’s cold wallets and sizzling wallets. The exchange’s operations have been created transparent via initiatives this kind of as Proof-of-Reserve, which lets end users to confirm their asset storage routines via information pulled right from the blockchain.

Binance also claims that the over alterations will assistance lay a “solid foundation” for the platform to “continue to grow for the next 50 years.”

As of midday on November 22, the price tag of the BNB token exhibits indicators of recovery from the similar day’s morning plunge to USD 224 just after US officials confirmed the historic fine towards Binance.

1h chart of the BNB/USDT pair on Binance at ten:forty am on November 22, 2023

According to information from DefilLama, additional than $800 million has been withdrawn from Binance in the final 24 hrs. However, Binance nonetheless holds $67 billion in purchaser assets and maintains its place as the world’s biggest cryptocurrency exchange. Binance’s closest competitor, OKX, has virtually $twelve billion in assets alone and has viewed $150 million deposited in the previous couple of hrs.

Statistics on deposit/withdrawal quantities on big CEX exchanges as of ten:forty am on November 22, 2023. Source: DefiLlama