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Amid ongoing confusion, uncertainty and rumors across the latest departure of Changpeng “CZ” Zhao as Binance CEO, his alternative, the brand new Binance CEO Richard Teng, took to X (previously Twitter) to try to spice up investor confidence.
Quickly after CZ introduced he was stepping down, Binance critics on X shared their opinions on what lies forward for the crypto alternate. Whereas some sought particulars on the supply of funds for CZ’s and Binance’s authorized proceedings that exceed $4 billion in whole, others claimed distrust as a result of discrepancies in Binance’s beforehand shared proof of reserves (PoR).
The basics of our enterprise are VERY sturdy.
Binance continues to function the world’s largest crypto alternate by quantity, our capital construction is debt-free, bills are modest, and, regardless of the low charges we cost our customers, we’ve strong revenues and income. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
Coinbase director Conor Grogan estimates that Binance will be capable to repay the hefty fines imposed by the USA Division of Justice (DOJ) with out having to promote any crypto property.
“The basics of our enterprise are very sturdy,” reassured Teng as he retweeted Grogan’s evaluation. He mentioned the crypto alternate takes in strong revenues and income regardless of low platform charges.
In his introductory tweet as Binance’s new CEO, Teng acknowledged that “the inspiration on which Binance stands as we speak is stronger than ever.” For starters, Teng will deal with three elements of the enterprise — reinstating investor confidence, collaboration with regulators and driving Web3 adoption, he mentioned.
Associated: Breaking: Binance’s CZ to plead guilty to violating Anti-Money Laundering requirements — WSJ
In his exit observe, CZ confirmed his plans to stay related to Binance as a shareholder, including, “I’ll stay obtainable to the crew to seek the advice of as wanted, in line with the framework set out in our U.S. company resolutions.”
At the moment, I stepped down as CEO of Binance. Admittedly, it was not straightforward to let go emotionally. However I do know it’s the proper factor to do. I made errors, and I have to take accountability. That is finest for our group, for Binance, and for myself.
Binance is now not a child. It’s…
— CZ Binance (@cz_binance) November 21, 2023
CZ may even deal with decentralized finance (DeFI) initiatives whereas mentoring a number of startup entrepreneurs.
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