{"id":25713,"date":"2023-11-27T16:24:54","date_gmt":"2023-11-27T16:24:54","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binance-ceo-outlines-plan-for-crypto-exchange-after-cz-steps-down\/"},"modified":"2023-11-27T16:24:56","modified_gmt":"2023-11-27T16:24:56","slug":"binance-ceo-outlines-plan-for-crypto-exchange-after-cz-steps-down","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binance-ceo-outlines-plan-for-crypto-exchange-after-cz-steps-down\/","title":{"rendered":"Binance CEO outlines plan for crypto exchange after CZ steps down"},"content":{"rendered":"

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Richard Teng, Binance\u2019s former global head of regional markets and now CEO, announced his intention to drive growth at the crypto exchange following Changpeng \u201cCZ\u201d Zhao stepping down.<\/p>\n

In a Nov. 27 blog post, Teng said he had the support of CZ and Binance\u2019s leadership following the former CEO\u2019s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and \u201cdrive growth and the adoption of Web3,\u201d assuring customers they will hear more from him soon.<\/p>\n

\u201cI am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts \u2014 Twitter, LinkedIn \u2014 and through the many industry conferences and events around the world,\u201d said Teng.<\/p>\n

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Here is my first blog as #Binance<\/a> CEO.<\/p>\n

I want to take this opportunity to share immediate focus areas, discuss our responsibility to users and my view on the future of our industry.https:\/\/t.co\/c6QMS6Ulmm<\/p>\n

\u2014 Richard Teng (@_RichardTeng) November 27, 2023<\/a><\/p><\/blockquote>\n

It\u2019s unclear how Teng will manage Binance\u2019s business as it balances U.S. oversight with a well-known figure like CZ moving out of its leadership. On Nov. 22, blockchain analytics firm Nansen reported that there didn\u2019t appear to be a\u00a0\u201cmass exodus of funds\u201d 24 hours after the U.S. settlement with Binance, with the exchange\u2019s\u00a0total holdings increasing to more than $65 billion.<\/p>\n

Related: <\/em><\/strong>New Binance CEO Richard Teng pitches \u2018very strong\u2019 foundation to skeptics<\/em><\/strong><\/p>\n

Teng became CEO of the major crypto exchange after Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21. CZ pleaded guilty to one felony charge and will pay $150 million to regulators, while the crypto exchange agreed to roughly $4.3 billion in penalties.<\/p>\n

Authorities are attempting to restrict travel for Zhao, who is usually based in the United Arab Emirates and has family in Dubai. The former Binance CEO could face up to 18 months in prison following his sentencing in February 2024.<\/p>\n

Magazine: <\/em><\/strong>Real AI use cases in crypto, No. 1: The best money for AI is crypto<\/em><\/strong><\/p>\n<\/div>\n