Binance's CEO, Changpeng Zhao (CZ), has officially confirmed his resignation from the role of CEO at the world's largest cryptocurrency exchange, citing a recognition of his mistakes and a commitment to taking responsibility. This decision is framed as being in the best interest of the Binance community, the exchange itself, and CZ personally.

To fill the void left by CZ, Richard Teng has been introduced as the new CEO. Teng, previously the Global Head of Regional Markets, assumes the position immediately. With an impressive three decades of experience in financial services and regulatory matters, Teng is expected to guide Binance through its upcoming phase of growth. CZ emphasizes Teng's role in ensuring Binance's commitment to security, transparency, compliance, and overall expansion.

Despite stepping down from the CEO position, CZ remains a shareholder with a comprehensive understanding of Binance's history. He has pledged to make himself available for consultation as needed, offering continuity and support to the Binance team.

CZ, while taking a break described as long overdue, has outlined his plans for the future. This includes engaging in passive investing, becoming a minority token/shareholder in startups focusing on blockchain, Web3, DeFi, AI, and biotech. Notably, he expresses contentment with being a one-shot entrepreneur and potential mentor, stating that he does not envision himself becoming a CEO leading a startup again.

In the resolution with the SEC, CZ clarifies that the allegations do not involve Binance misappropriating user funds or engaging in market manipulation. Despite recent regulatory challenges, CZ assures Binance's customers that their funds are secure, reiterating the famous phrase, "Funds are SAFU."