Binance's CEO resigns, & Richard Teng appointed as a new CEO

Worlds largest crypto exchange, Binanace Founder and CEO, Changpeng Zhao resigned. He resigned Amidst an ongoing settlement process between the US Department of Justice (DoJ) and Binance. Binance had been under investigation by US authorities for years, suspected of breaking finance and money-laundering rules. The company agreed to pay a total of $4.3 billion in financial penalties, which included fines and forfeitures.

Binance Founder and CEO Changpeng Zhao agreed to quit the company and admit to violating US laws as part of a settlement with the US Department of Justice and other authorities to resolve an investigation into the world's largest crypto exchange's practises.

On social media platform X, Changpeng Zhao stated, “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is bestfor our community, for Binance, and for myself.”

In his tweet Further, The CEO announced that RichardTeng, former Global Head of Regional Markets, will be new CEO of Binance. In his words, “ I'm pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.”

Attorney General Merrick Garland said, “Binance became the world's largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in U.S. historyAttorney General Merrick Garland said.”

About Binance

Binance is a cryptocurrency exchange where users may buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and a range of other altcoins. It was founded in 2017 by Changpeng Zhao and has quickly risen to become one of the world's largest and most popular exchanges. Binance boasts a user-friendly trading platform, low fees, and a number of services such as margin trading and staking. Binance Coin (BNB), the exchange's native cryptocurrency, can be used to pay for trading fees and other platform services.

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