Richard Teng Takes Over as Binance CEO After Founder Admits to Anti-Money Laundering Charges
Summary:
Binance has appointed Richard Teng as the new CEO, succeeding founder Changpeng "CZ" Zhao who resigned after admitting guilt to charges of anti-money laundering violations brought by the U.S. Department of Justice. A settlement costing the company $4.3 billion has been agreed upon, and it prevents CZ from taking executive roles in any cryptocurrency firms but lets him keep his shares.
Binance announces Richard Teng, the previous leader in charge of regional markets outside the U.S., as their new CEO, superseding the company's founder and prior CEO, Changpeng "CZ" Zhao. The new appointment was necessitated by CZ Zhao's recent admission of guilt to charges brought against him by the U.S. Department of Justice, resulting in his courtesy resignation from the top corporate position.
In consonance with the latest developments, CZ tweeted, "Today marks the end of my tenure as Binance's CEO. Emotionally, it was a tough decision, but I know it's the right course of action. I've made mistakes, and it's only right that I bear responsibility for them. This is in the best interest of our community, Binance, and myself. Binance has matured and is no longer in its infancy" on November 21, 2023.
Cointelegraph previously conveyed that CZ and Binance had consented to a plea agreement with the DOJ pertaining to accusations of anti-money laundering offenses. The agreed settlement compels the firm to part with $4.3 billion and purportedly prevents CZ from assuming executive roles in any digital currency enterprises. However, he isn't obliged to relinquish ownership of his shares, and no incarceration is anticipated. As the situation unfolds, we will continue to provide updates.
Published At
11/21/2023 8:45:01 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.