Binance has named its head of regional markets outside of the United States, Richard Teng, as its new CEO. The change comes as founder and former CEO Changpeng Zhao has resigned and pleaded guilty to charges levied against him by the U.S. Department of Justice.
CZ and Binance have agreed to a plea deal with the DOJ over alleged Anti-Money Laundering violations. The resulting settlement will cost the company $4.3 billion and, reportedly, bars CZ from serving as an executive at any cryptocurrency company. He’ll also be on the hook for a $50 million fine assessed directly to him. However, he won’t have to give up his shares and will apparently serve no jail time.
Teng’s promotion was confirmed by former CEO CZ in a post on X coinciding with the start of a DOJ press event announcing the actions against Binance.
In his first public communique as CEO, Teng sought to reassure Binance users and establish a clear path from the day’s events. He laid out three areas of focus for himself and the company, starting with “reassuring users that they can remain confident in the financial strength, security and safety of the company.”
