Binance gets new CEO after Changpeng Zhao steps down: Who is Richard Teng?
Former founder-CEO Changpeng Zhao in a post on X has said he is looking forward to seeing the new leadership take the reins and asked his followers on X to join in congratulating new CEO Richard Teng 'on his well-deserved promotion'.
Founder-CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao has stepped down from his role after pleading guilty to breaking US anti-money laundering laws. As part of the deal, Zhao is not allowed to take on a management position in the company for the next three years, as per reports.
What about Zhao?
In his post about Teng's appointment, Zhao said he would "remain available as a shareholder and former CEO with historical knowledge" of the company; and would "consult when needed, consistent with the framework set out in our US agency resolutions".
In another post addressing today's events on X, Zhao wrote, "What’s next for me? I will take a break first. I have not had a single day of areal (phone off) break for the last 6 and a half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI, and biotech. I am happy that I will finally have more time to spend looking at DeFi."
On founding another venture he said, "I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do."
He also listed out resolutions reached with US agencies with respect to Binance, adding, "Do not allege that Binance misappropriated any user funds, and do not allege that Binance engaged in any market manipulation. Funds are SAFU! (safe)."
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