After a week of chaos it was time for the Ex-Binance CEO to make a statement and layout his plans for the future. While stepping back from the CEO role, he will continue to contribute as a shareholder and a source of historical knowledge. Founder of the worlds largest cryptocurrency exchange posted on X.
The crypto founder said he would take a break, including a phone off break, which is something he has not done for the past six years or more. “I will take a break first. I have not had a single day of real (phone off) break for the last six and 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.”
He also doesn’t see himself in the driving seat of 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.”
Binance Resolves Landmark $4.3 Billion Settlement with US Regulators
The world’s largest virtual currency exchange signed a historic $4.3 billion settlement with the US Treasury Department earlier this week following allegations of breaching anti-money laundering (AML) and sanctions laws. The agreement signifies a significant stride towards regulatory compliance for the crypto giant.
Binance’s CEO, Changpeng “CZ” Zhao, a towering figure in the crypto industry, took responsibility for the company’s past deficiencies. In a candid admission, he acknowledged the lack of adequate compliance controls during Binance’s early days and announced his decision to step down. “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” CZ stated in a post on X.
The reins of Binance have now passed to Richard Teng, the newly appointed CEO. Teng, who ascended rapidly through the ranks since joining as Singapore CEO in August 2021, brings over three decades of financial services and regulatory experience from Abu Dhabi and Singapore. His mandate is clear—to ensure Binance upholds the highest standards of security, transparency, compliance, and growth in its next phase.
In a bid to regain user trust, Teng faces the challenge of steering Binance through a period of enhanced security and regulatory adherence. CZ clarified that unlike Sam Bankman-Fried, facing legal issues and associated with market manipulation, Binance has not misappropriated user funds.
The settlement details reveal the extent of Binance’s violations, including failures to prevent and report suspicious transactions involving terrorist organizations, ransomware attackers, money launderers, and more. The five-year monitoring period imposed by the US government ensures continued oversight of Binance’s books, records, and systems to prevent illicit activities and protect US persons. The settlement marks a pivotal moment for the crypto industry, underscoring the need for regulatory compliance for digital currency exchanges.