{"id":87346,"date":"2023-11-22T00:36:50","date_gmt":"2023-11-21T22:36:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87346"},"modified":"2025-09-13T11:13:37","modified_gmt":"2025-09-13T08:13:37","slug":"binance-names-new-chief-executive-cz-says-he-has-acknowledged-his-mistakes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-names-new-chief-executive-cz-says-he-has-acknowledged-his-mistakes\/","title":{"rendered":"Binance names new chief executive. CZ says he has acknowledged his mistakes"},"content":{"rendered":"<p>The cryptocurrency exchange Binance said that Richard Teng, head of regional markets, will replace Changpeng Zhao (CZ) as CEO.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It is an honour and with the deepest humility that I step into the role of Binance\u2019s new CEO.<\/p>\n<p>We operate the world&#8217;s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold\u2026<\/p>\n<p>\u2014 Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1727066202047164562?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Thanks to CZ&#8217;s support and our leadership, I took on this role so that we could continue to meet and exceed stakeholders&#8217; expectations, as we simultaneously achieve our core mission\u2014the freedom of money,&#8221; wrote the top executive.<\/cite><\/p><\/blockquote>\n<p>He stressed that &#8220;the foundation on which Binance stands today is stronger than ever.&#8221;<\/p>\n<p>Teng also outlined what he would focus on in his work:<\/p>\n<ul class=\"wp-block-list\">\n<li>assuring users that they can remain confident in the company&#8217;s financial stability and security;<\/li>\n<li>working with regulators to globally uphold high standards that foster innovation while ensuring consumer protection;<\/li>\n<li>working with partners to spur growth and adoption of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a>.<\/li>\n<\/ul>\n<p>Changpeng Zhao, in an extensive post, expressed regret for his mistakes and introduced the new head of the company.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.<\/p>\n<p>Binance is no longer a baby. It is\u2026<\/p>\n<p>\u2014 CZ ? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1727063503125766367?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Today I stepped down as Binance&#8217;s CEO. Naturally, it wasn&#8217;t easy to control my emotions. But I know this is the right thing to do. I made mistakes and I must take responsibility,&#8221; wrote CZ.<\/cite><\/p><\/blockquote>\n<p>He added that Binance is &#8220;no longer a child&#8221; and the company &#8220;will grow and prosper.&#8221;<\/p>\n<p>Representatives said the company had reached an agreement with several U.S. agencies regarding their investigations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re pleased to share we\u2019ve reached resolution with several US agencies related to their investigations.<\/p>\n<p>This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.<\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1727064464061821067?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;This will allow us to turn the page on a difficult but transformative chapter of learning that has helped us become a stronger and safer platform,&#8221; noted Binance.<\/cite><\/p><\/blockquote>\n<p>According to the indictment, the exchange was used to finance terrorism, launder money, and other illicit activities, enabling transactions for Hamas, ISIS, other terrorist organizations, and residents of sanctioned jurisdictions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, <a href=\"https:\/\/twitter.com\/USTreasury?ref_src=twsrc%5Etfw\">@USTreasury<\/a> announced the largest enforcement action in our history against Binance, the world\u2019s largest virtual currency exchange. This action is a result of Binance\u2019s egregious violations of U.S. anti-money laundering and sanctions laws. <a href=\"https:\/\/t.co\/V4IM0b16H3\">https:\/\/t.co\/V4IM0b16H3<\/a><\/p>\n<p>\u2014 Treasury Department (@USTreasury) <a href=\"https:\/\/twitter.com\/USTreasury\/status\/1727069094388912180?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;This will allow us to turn the page on a difficult but transformative chapter of learning that has helped us become a stronger and safer platform,&#8221; noted Binance.<\/cite><\/p><\/blockquote>\n<p>Binance will fully exit the United States under the agreement with <span data-descr=\"U.S. Financial Crimes Enforcement Network\" class=\"old_tooltip\">FinCEN<\/span> and will appoint a five-year monitor to oversee the exchange&#8217;s sanctions\u2011compliance program. <\/p>\n<p>During this period, the U.S. Treasury will have access to the platform\u2019s data and systems. But Binance.US will not be affected.<\/p>\n<p>As part of the settlement, the company will pay FinCEN $3.4 billion and <span data-descr=\"Office of Foreign Assets Control (OFAC) of the U.S. Treasury\" class=\"old_tooltip\">OFAC<\/span> $968 million.<\/p>\n<p>On June 5, the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">filed suit<\/a> against Binance and Zhao, alleging 13 counts, including the sale of unregistered securities. On June 6, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-seeks-to-freeze-assets-held-by-binance-us\">filed a motion<\/a> to freeze the exchange\u2019s U.S.-based digital assets.<\/p>\n<p>On June 9, users <a href=\"https:\/\/u1f987.com\/en\/news\/binance-us-to-suspend-usd-deposits\">lost the ability to deposit dollars<\/a>, triggering selling by those seeking to withdraw funds in fiat. In response, a <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-trades-at-a-discount-on-binance-us\">discount<\/a> in Bitcoin quotes against the dollar formed on the platform \u2014 the price reaching about $2,200 (7.3%).<\/p>\n<p>On June 17, the SEC and Binance <a href=\"https:\/\/u1f987.com\/en\/news\/sec-and-binance-strike-deal-over-customer-assets-in-the-united-states\">reached an agreement<\/a> regarding customer funds in the United States. The exchange <a href=\"https:\/\/u1f987.com\/en\/news\/binance-us-unfreezes-withdrawals-for-the-near-future\">resumed<\/a> withdrawals, but warned the situation could change.<\/p>\n<p>Earlier reports indicated that the <a href=\"https:\/\/u1f987.com\/en\/news\/us-doj-seeks-4-billion-from-binance-to-end-investigations\">U.S. Department of Justice demanded $4 billion from Binance<\/a> as part of a deal intended to end the ongoing criminal investigation.<\/p>\n<p>Later, the WSJ <a href=\"https:\/\/www.wsj.com\/finance\/currencies\/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40?mod=followamazon\" target=\"_blank\" rel=\"noreferrer noopener\">\u0441\u043e\u043e\u0431\u0449\u0438\u043b\u0430<\/a> that CZ agreed to step down, admitting guilt to the violations alleged by U.S. authorities. The exchange agreed to pay total fines of $4.3 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance said that Richard Teng, head of regional markets, will replace Changpeng Zhao (CZ) as CEO.<\/p>\n","protected":false},"author":1,"featured_media":87347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935],"class_list":["post-87346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=87346"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87346\/revisions"}],"predecessor-version":[{"id":87348,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87346\/revisions\/87348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87347"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}