Binance Appoints Richard Teng As New CEO After Changpeng Zhao Resigns

Binance has appointed Richard Teng to take over as the new CEO after the resignation of Changpeng “CZ” Zhao. Teng’s appointment comes as the exchange finalizes a settlement deal with the US government.

Teng’s promotion is also part of a plea agreement that will see Binance admitting to multiple criminal charges while agreeing to a $4.3 billion fine.

Binance Appoints New CEO

Zhao acknowledged the change in leadership and his leaving the exchange in a social media post. He noted that while the decision was difficult, he needed to take responsibility for his actions.

In his resignation message, Zhao also noted that he would continue guiding Binance as a shareholder and a former CEO. However, his role on the exchange after his departure is limited per the guidelines given by US agencies.

Before becoming Binance’s new CEO, Teng served as the Global Head of Regional Markets at Binance. He has already acknowledged his new role on X, formerly Twitter.

In his message, Teng noted that he would work with regulators to support innovation while ensuring consumer protection. He will also work on driving Web3 growth through partnership deals.

“To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team,” Teng said.

Teng comes with extensive experience across the industry. As the Global Head of Regional Markets for Binance, Teng’s role involved maintaining user confidence and working with regulators to bring innovation and ensure consumer protection. Teng is also driving the growth of the Web3 industry through multiple partnership deals.

Teng has also worked with leading financial institutions such as the Singapore Exchange Ltd, the Abu Dhabi Global Market, and the Monetary Authority of Singapore.

Binance’s Settlement With US Authorities

CZ’s plea deal is part of a settlement with the US Department of Justice. The DoJ has imposed a $4.3 billion fine on Binance. Zhao will also pay a personal fine of $50 million.

Besides these leadership changes, US authorities require that Binance engage an independent compliance monitor. Zhao is also barred from holding any operational role on Binance for three years.

Despite stepping down as CEO, Zhao still maintains his majority stake at Binance. He will be the largest shareholder of the exchange as it navigates the aftermath of the DoJ’s investigation and seeks to achieve regulatory compliance.