The company built by "CZ" will be managed by the head of regional markets, after the US Department of justice prevented the former CEO of Binance from staying in his post.
"Binance" appointed the head of the Department of regional markets located outside the borders of the United States, Richard Ting, as the new CEO of the company. The change follows the resignation of the company's founder and former CEO, Changping Zhao, who pleaded guilty to charges brought against him by the US Department of Justice.
As "Cointelegraph" reported earlier, both "CZ" and Binance agreed to make a deal with the Ministry of justice that includes pleading guilty to alleged violations related to the fight against money laundering. The agreed settlement will cost 4.3 billion dollars, and "CZ" will be banned from working as an executive at any other crypto company. "CZ" will also be subject to a fine of 50 million dollars.
On the other hand, "CZ" will not have to give up his stake in the company and it seems that he will not spend any time in prison.
Former CEO Zhao confirmed Teng's promotion through a post on the "X" platform, which coincided with the beginning of a press event of the Ministry of Justice announcing the measures taken against Binance.
Commenting on recent developments, Zhao wrote:
"With over three decades of financial services and regulatory experience, I believe Richard is well qualified to lead the company through its next period of growth. Richard will do everything he can to ensure that Binance has sufficient security, transparency, compliance and growth during the next stage".
"Ting" was also published on the "X" platform about 15 minutes after the start of the press event held by the Ministry of Justice.
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear.
With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.
The foundation on which Binance stands today is stronger than ever.
To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team.
My focus will be on:
1) reassuring users that they can remain confident in the financial strength, security and safety of the company
2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
3) working with partners to drive growth and adoption of Web3
We are here to stay. Please lend me your support. Excited for the days ahead!
In his first public statement as CEO, Teng sought to reassure Binance users and establish a clear path after today's events, as Teng identified three areas for the company to focus on under his management, starting with "reassuring users and confirming that the company's financial capability and its security and safety standards are still trusted.
