Binance names Richard Teng CEO amid Changpeng Zhao’s forced departure
Binance names Richard Teng its new CEO in the wake of former boss Changpeng “CZ” Zhao’s tumultuous departure and a permanent ban on serving as an executive for a cryptocurrency company via the U.S. Department of Justice....
- Binance has appointed Richard Teng, the head of regional markets outside of the U.S., as its new CEO.
- Founder and former CEO Changpeng "CZ" Zhao has resigned and pleaded guilty to charges brought by the U.S. Department of Justice.
- CZ and Binance have reached a plea deal with the DOJ regarding alleged anti-money laundering violations.
- The settlement will cost Binance $4.3 billion and prohibits CZ from holding executive positions in cryptocurrency companies.
- CZ will retain his shares and is not expected to serve jail time.
The article contains negative sentiment due to the resignation and guilty plea of Changpeng Zhao, the resulting settlement cost, and the restriction on his future executive roles. However, it also highlights the appointment of Richard Teng as the new CEO, which can be seen as a positive development for Binance.