Binance Announces Settlement with US Regulators and Appointment of New CEO as CZ Steps Down

Binance has reached a pivotal moment with its recent settlement with US regulators and the appointment of Richard Teng as CEO, marking a significant shift in leadership and strategy.

Read how this impacts the future of cryptocurrency trading and compliance standards.

Binance Reaches Settlement with US Regulators, Signaling Compliance Evolution

Cryptocurrency exchange "Binance" announced on November 21, 2023, that it has reached a settlement with US regulatory authorities and that Changpeng Zhao (CZ) will step down as CEO of Binance.

Details of Binance's Settlement with US Regulatory Authorities

Binance's global cryptocurrency trading service, previously accessible to residents in the United States, had been accused by US regulatory authorities of "unregistered operations, insufficient anti-money laundering measures, and violations of economic sanctions rules."

The announcement reported that Binance has settled these issues with the "US Department of Justice, US Commodity Futures Trading Commission, US Treasury's Office of Foreign Assets Control, and the Financial Crimes Enforcement Network."

The statement noted, "This settlement recognizes our responsibility for past compliance violations, marks the end of a challenging yet transformative chapter, and allows us to turn a new page."

The official statement also mentioned, "Since its inception, Binance has made significant efforts towards user protection, security, and compliance, but lacked sufficient compliance management for a rapidly growing company."

This settlement addresses these past oversights.

Emphasizing the Integrity of Customer Assets and Market Fairness

However, it was emphasized that Binance has consistently adhered to its principles regarding user protection, security, and safety since its establishment.

It was also clarified in the settlement with US authorities that "there was no allegation of Binance misusing user funds or manipulating the market."

Binance has outlined its commitment to operating the platform for decades to come, with aspirations to continue for over 50 years. The penalty imposed on Binance has been reported to be 4.3 billion dollars.

CZ Steps Down, Richard Teng Appointed as New CEO

In this announcement, Changpeng Zhao (CZ), the CEO of Binance, has resigned from his position.

Richard Teng, who previously served as Binance's former regional market global head, has been appointed as the new CEO.

Richard Teng's background includes roles as "CEO of Abu Dhabi Global Market's financial services regulatory authority, Chief Regulatory Officer at the Singapore Stock Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore (MAS)" before joining Binance.

CZ will continue to be the leading shareholder of Binance and will cooperate with the Binance team as an advisor. Comments from CZ himself have also been posted on the platform.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do.

I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby.

It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. I’m pleased to announce that

Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth.

He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

With Richard and the entire team, I’m confident that the best days for

Binance and the crypto industry lay ahead. As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.

What’s next for me? I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech.

I am happy that I will finally have more time to spend looking at DeFi. I can’t see myself being a CEO driving a startup again.

I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately.

If for nothing else, I can at least tell them what not to do. On that note, I am proud to point out that in our resolutions with the U.S. agencies they.

• do not allege that Binance misappropriated any user funds.
• do not allege that Binance engaged in any market manipulation.

Funds are SAFU! With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.

CZ