Home>Business>Binance CEO outlines plan for crypto trade after CZ steps down

Binance CEO outlines plan for crypto trade after CZ steps down


Richard Teng, Binance’s former international head of regional markets and now CEO, introduced his intention to drive progress on the crypto trade following Changpeng “CZ” Zhao stepping down.

In a Nov. 27 weblog publish, Teng said he had the help of CZ and Binance’s management following the previous CEO’s departure as a part of an settlement with United States officers. In accordance with Teng, Binance deliberate to proceed a user-focused method to its enterprise and “drive progress and the adoption of Web3,” assuring clients they might hear extra from him quickly.

“I’m keen to leap headfirst into my new position and know there shall be many extra alternatives for me to share my ideas with the neighborhood by way of blogs like this one, by way of my social media accounts – Twitter, LinkedIn – and thru the numerous business conferences and occasions all over the world,” stated Teng.

It’s unclear how Teng will handle Binance’s enterprise because it balances U.S. oversight and a well known determine like CZ shifting out of its management. On Nov. 22, blockchain analytics agency Nansen reported that there didn’t look like a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the trade’s total holdings increasing to greater than $65 billion.

Associated: New Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics

Teng grew to become CEO of the foremost crypto trade after Zhao agreed to step down as a part of a settlement with the U.S. Division of Justice introduced on Nov. 21. CZ pleaded responsible to 1 felony cost and can pay $150 million to regulators, whereas the crypto trade agreed to roughly $4.3 billion in penalties.

Authorities are attempting to restrict travel for Zhao, who’s often based mostly within the United Arab Emirates and has household in Dubai. The previous Binance CEO might resist 18 months in jail following his sentencing in February 2024.

Journal: Real AI use cases in crypto, No. 1: The best money for AI is crypto