What Does Binance CEO CZ’s Resignation Mean for Crypto?

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• Binance founder Changpeng Zhao (known as “CZ”) officially resigned as the CEO of Binance, as he announced in a tweet on Tuesday.
• Zhao resigned from his position as part of an agreement made with the United States Department of Justice.
• In the tweet, Zhao mentioned his intention to take a break before turning his focus to other areas of interest around the crypto and technology industries.

Binance CEO Changpeng Zhao announces his resignation from the exchange: Zhao, who revealed the new CEO, also discussed his plans.

Binance CEO Changpeng Zhao Submits Resignation

Binance founder Changpeng Zhao (known as “CZ”) officially announced in a tweet on Tuesday that he is resigning as the CEO of Binance and the US Department of Justice revealed charges against Zhao and the exchange. Zhao said, “I have made mistakes and should take responsibility. This is the best for our community, Binance, and myself.”

Zhao tweeted that Richard Teng, formerly Binance’s President of Global Markets, would assume the role of CEO. Teng joined Binance as CEO for Singapore in 2021 and was appointed to his current role in May of this year. Zhao continued his words as follows:

“Richard is an extremely qualified leader with over three decades of experience in the financial services and regulatory space, and he will lead the company through a growth period. He will ensure Binance delivers on security, transparency, compliance, and growth in the next phase.”

Zhao resigned from his position as part of an agreement made with the United States Department of Justice and is barred from serving as an executive at Binance for at least three years until an independent monitor is appointed. However, he still holds the majority ownership of Binance, and the exchange will continue its operations outside the United States.

What are Zhao’s plans now?

In the tweet, Zhao mentioned his intention to take a break before turning his focus to other areas of interest around the crypto and technology industries. He stated the following:

“My current thinking is that I will take a break intending to explore some passive investments as a minority token/owner in blockchain/Web3/DeFi, AI, and biotech, probably without getting too involved before a long while. I am happy to have more time to eventually focus more on DeFi.”

CZ concluded his words by saying: “I cannot see myself as a CEO dragging a once-lucky entrepreneur. I am content as a one-shot (lucky) entrepreneur. If there are listeners, I might be open to coaching/mentoring a few future entrepreneurs, especially privately. Even if nothing else, I can at least tell them what not to do.”