US Government releases statement on Binance, while CZ bids goodbye
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.