- Changpeng Zhao departs from Binance, pleading guilty to breaching anti-money laundering rules.
- Binance’s former Global Head of Regional Markets, Richard Teng, will take charge as the new CEO.
- TRON Founder Justin Sun conveyed his grief at Zhao’s departure and appreciated Teng for his new role.
In a surprising twist of events, the renowned Canadian businessman Changpeng Zhao has announced his departure from Binance after six years of service. Pleading guilty to violating anti-money laundering regulations, Zhao stepped down from the position of Binance’s Chief Executive Officer.
On November 22, Zhao officially declared his resignation via an X post, writing, “Today, I stepped down as CEO of Binance.” In addition, he also conveyed his regards to the new CEO, Richard Teng, who previously served as Binance’s Global Head of Regional Markets. Acknowledging the growing popularity of Binance, Zhao stated, “I know Binance will continue to grow and excel with the deep bench it has.”
Binance and Zhao had been under scrutiny over the past few months, alleged to have violated federal securities laws by mishandling customer funds, providing inaccurate information to U.S. authorities, and tricking investors via deceptive practices. Pleading guilty in a Seattle court on November 21, Zhao agreed to pay $4.3 billion in settlement, including a $50 million penalty to be paid by him personally. According to the prosecution, this is one of the largest corporate penalties in U.S. history.
Zhao’s sudden departure has created headlines in the crypto industry just weeks after FTX founder Sam Bankman-Fried’s fraud conviction. Prominent figures like the TRON Founder Justin Sun shared their reactions to Zhao leaving Binance on social media. Sun wrote on X,
Over the past six years, you founded Binance, taking the industry to unprecedented heights. Without you, the cryptocurrency industry wouldn’t have reached the heights it has today. The thought of you leaving this position makes me somewhat sad, but when I think about the extra time you’ll have to rest and enjoy life, I genuinely feel happy for you.
In a subsequent tweet, Sun paid his respects to incoming CEO Richard Teng, expressing his optimism for Binance’s new era. Sun added, “We are also willing to continue strengthening our collaboration with Binance, driving development and innovation together.”
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