Binance CEO outlines plan for crypto exchange after CZ steps down

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Richard Teng became CEO of crypto exchange Binance after Changpeng Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21.

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Richard Teng, Binance’s former global head of regional markets and now CEO, announced his intention to drive growth at the crypto exchange following Changpeng “CZ” Zhao stepping down.

In a Nov. 27 blog post, Teng said he had the support of CZ and Binance’s leadership following the former CEO’s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.

“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” said Teng.

It’s unclear how Teng will manage Binance’s business as it balances U.S. oversight with a well-known figure like CZ moving out of its leadership. On Nov. 22, blockchain analytics firm Nansen reported that there didn’t appear to be a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the exchange’s total holdings increasing to more than $65 billion.

Related: New Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics

Teng became CEO of the major crypto exchange after Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21. CZ pleaded guilty to one felony charge and will pay $150 million to regulators, while the crypto exchange agreed to roughly $4.3 billion in penalties.

Authorities are attempting to restrict travel for Zhao, who is usually based in the United Arab Emirates and has family in Dubai. The former Binance CEO could face up to 18 months in prison following his sentencing in February 2024.

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