Binance, the world's largest cryptocurrency exchange, is changing leadership. Its founder and former CEO, the much-publicized Changpeng Zhao (or CZ), resigned after reaching an agreement with the American authorities. His replacement is a ârising starâ of the company.
In the crypto world, few bosses have been as popular and influential as him. #ChangpengZhao , better known as CZ, announced that he is stepping down as CEO of #Binance on November 21, 2023, effective immediately. In a long message on an emotional point of view.
Changpeng Zhao acknowledges having âmade mistakesâ, and takes responsibility for them.
Indeed, the departure of the former boss of Binance is part of an agreement between the company and the American authorities. For not having respected the country's rules on money laundering, Binance was fined $4 billion. The company also had to agree to part ways with its boss and founder. To replace CZ, the company chose to appoint Richard Teng, a ârising starâ in crypto, as its head, according to the specialized media CoinDesk.
Who is #RichardTeng ?
RichardTeng is Singaporean, and it was there that he started his career. After a degree in accounting in the city-state and a master's degree in finance in Australia, he joined the Monetary Authority of Singapore, the monetary watchdog, and headed the Corporate Finance division until 2007. He then joined the Singapore Stock Exchange as head of the regulatory department. In 2015, he left for the United Arab Emirates to manage the Abu Dhabi Global Market, the city's free zone. He remains there until 2021, when he joins Binance.
