BREAKING: Binance CEO Changpeng Zhao (CZ) Speaks – Also Announces the New CEO!

Today I resigned as CEO of Binance. Admittedly, it wasn’t easy to let go emotionally. But I know it’s the right thing to do. I made mistakes and I must take responsibility. This is what’s best for our community, Binance, and myself.

Binance is no longer a baby. It’s time for me to let him walk and run. I know Binance will continue to grow and succeed with the deep staff it has.

I am pleased to announce that Richard Teng has become the head of Binance. Richard, our former Head of Global Regional Markets, was appointed as the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, will lead the company through its next period of growth. It will enable Binance to achieve the next phase of security, transparency, compliance and growth.

Prior to joining Binance, Richard served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); He served as Chief Regulatory Officer at the Singapore Exchange (SGX) and as Director of Corporate Finance at the Monetary Authority of Singapore.

As a shareholder and former CEO with historical knowledge of our company, I will continue to be available to the team to advise as needed, in accordance with the framework set out in the US agency motions.

What’s next for me?

I’ll take a break first. I haven’t had a single day of real break (with my phone turned off) for the last 6 and a half years.

Going forward, my current thinking is that I will probably do some passive investing, becoming a minority token holder/shareholder in startups in blockchain/Web3/DeFi, AI, and biotech. I’m happy to finally have more time to study DeFi.

I can’t see myself being a CEO running a startup again. I’m happy to be a one-time (lucky) entrepreneur. If anyone would listen, I might be open to privately coaching/mentoring a small number of new entrepreneurs. If for nothing else, at least I can tell them what not to do.

In this context, in our discussions with US institutions

– They do not allege that Binance has embezzled any user funds, and

– Does not claim that Binance engaged in any market manipulation.

Funds SAFU!

That said, I look forward to new leadership taking the reins. Please join me in congratulating Richard on his well-deserved promotion.