Binance's New CEO Ensures Executive Continuity After Settlement

• Binance's New CEO Assures Stable Leadership After Changpeng Zhao's Forced Resignation
• Teng Takes Over Binance After Zhao Steps Down
• Teng's Plans for Binance's Future

Binance's New CEO Assures Stable Leadership After Changpeng Zhao's Forced Resignation

Richard Teng, the newly appointed CEO of Binance, assures stability in the company's leadership. His statement comes after the forced resignation of co-founder Changpeng Zhao as part of a $4 billion-plus settlement with U.S. authorities. During his first interview as CEO, Teng stated, Our core team remains intact, thus confirming that key personnel will stay in place for now. Among them is prominent executive Yi He, who works closely with Zhao and is a key figure in Binance's establishment.

Teng Takes Over Binance After Zhao Steps Down

Teng, aged 53, assumed the leadership role after Zhao's compelled resignation, which ended lengthy Justice Department investigations into Binance's anti-money laundering strategies and sanctions violations. As part of the settlement announced on November 21, regulators also banned Zhao from any leadership role at Binance for three years. These concessions were made to prevent criminal charges. In addition, Zhao might face up to 18 months of jail time pending an expected guilty plea.

Teng's Plans for Binance's Future

Teng, now responsible for moving Binance forward, refrained from specifying plans to establish a corporate headquarters or appoint a board of directors formally. He mentioned that further announcements regarding governance would be made in due course. Despite recent scandals in the crypto world, Teng pointed to strong financial performance for Binance, though he did not provide specific figures. He also refrained from committing to a timeline for the recruitment of an external auditor, a move expected by regulators for enhancing transparency.

Edited by Jonathan Stoker