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News

CZ resigned as CEO of Binance and Richard Teng will serve as the new CEO

November 22, 2023 - Around 2 mins mins to read

Key Points:

  • CZ resigned as CEO of Binance, the world’s largest cryptocurrency exchange by trading volume.
  • Richard Teng, formerly Global Head of Regional Markets, has been appointed as the new CEO of Binance.
  • CZ plans to focus on passive investing, mentorship, and exploring new opportunities in the blockchain, Web3, DeFi, AI, and biotech sectors.
In a significant move that signals a change in leadership for the cryptocurrency industry, the founder and CEO of Binance, CZ resigned as CEO of Binance.
CZ resigned as CEO of Binance

CZ resigned as CEO of Binance, and Richard Teng Took the Helm

CZ, who has been instrumental in Binance’s meteoric rise to become the world’s largest cryptocurrency exchange by trading volume, cited a desire to take responsibility for past mistakes and focus on new endeavors as the reasons behind his decision.

Effective immediately, Richard Teng, formerly Binance’s Global Head of Regional Markets, will assume the role of CEO. Teng brings over three decades of experience in financial services and regulatory matters, and his appointment is expected to steer Binance through its next phase of growth while ensuring adherence to strict security, transparency, and compliance standards.

Binance CEO Resigns, Marking a Pivotal Moment for the Cryptocurrency Exchange

While CZ resigned as CEO of Binance, he will remain an active shareholder and advisor to the company, providing valuable insights and guidance based on his extensive knowledge and experience. He also expressed his commitment to staying aligned with the resolutions reached with US regulatory agencies. Moving forward, CZ plans to pursue passive investing opportunities, mentor promising entrepreneurs, and explore emerging technologies in the blockchain, Web3, DeFi, AI, and biotech sectors.

He intends to step back from the day-to-day demands of running a startup and focus on his personal interests and passions. CZ resigned as CEO of Binance marks a turning point in Binance’s history, and the company’s future trajectory will undoubtedly be shaped by the leadership of Richard Teng and the continued involvement of CZ as a shareholder and advisor. The cryptocurrency industry eagerly awaits the next chapter in Binance’s evolution under the direction of its new CEO.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

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Author

Levii