The founder and former CEO of Binance, Changpeng Zhao “CZ” has announced Richard Teng, its former Global Head of Regional Markets as the new CEO.
The change in leadership comes as Zhao pleaded guilty to charges levied against him by the U.S. Department of Justice. The decision was part of a substantial $4 billion settlement between the Department of Justice and the cryptocurrency exchange.
Before 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 at the Monetary Authority of Singapore.
Teng via his X's account @_RichardTeng tweeted: "With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money. The foundation on which Binance stands today is stronger than ever".
He concluded by calling for the support of all the stakeholders of the company.
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