US Government releases statement on Binance, while CZ bids goodbye


21 Nov 2023 9:15 PM

Binance gets a new CEO – Richard Teng with CZ vacating the post active immediately […]...

  • Binance and its former CEO, Changpeng Zhao (CZ), have reached a deal with the United States Department of Justice, resulting in heavy penalties.
  • Binance will have to pay over $4 billion, while CZ has been fined $50 million.
  • The charges include sanctions violations, providing services to US customers despite claiming to have exited the market, and failure to report suspicious transactions.
  • Binance will completely exit the US market, except for its regulated American affiliate, Binance.US.
  • CZ has stepped down as CEO, and Richard Teng, former Global Head of Regional Markets, will take over the position.

The article highlights the negative consequences faced by Binance and CZ due to their dealings with the US government. The penalties and charges imposed on them reflect a significant setback for the crypto exchange. However, the appointment of Richard Teng as the new CEO indicates a potential fresh start for Binance.

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You May Ask

What charges did the United States Department of Justice bring against Binance and its former CEO?How much will Binance have to pay in penalties, and what is the fine imposed on CZ?Why is Binance completely exiting the US market, and how does this decision affect Binance.US?Who is the new CEO of Binance, and what is his background?Will CZ be able to return to the CEO position in the future?

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