🚨 Get Your Free NFT Certificate Mint by Completing the Web3 Exam! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Binance's CZ Steps Down, Quotes Star Trek in Farewell Message to Staff

Binance's CZ Steps Down, Quotes Star Trek in Farewell Message to Staff

Key Takeaways

  • Changpeng "CZ" Zhao steps down as Binance CEO after pleading guilty to violating Anti-Money Laundering laws, with a bail set at $175 million.
  • CZ's farewell message to the Binance team, referencing Star Trek, underscores his confidence in the company's future and staff.
  • Richard Teng, the new CEO, is poised to lead Binance through its next growth phase following a $4.3 billion settlement with US authorities.

The crypto world was shaken when Binance CEO Changpeng "CZ" Zhao announced his resignation on November 21st, following his guilty plea to violating Anti-Money Laundering laws.

In a heartfelt message to the company's staff, shared on a messaging platform and posted on social media on November 22nd, CZ expressed pride in the team's achievements and hinted at upcoming restructuring within Binance.

What is a Rug Pull in Crypto? (Meaning + Examples)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is a Rug Pull in Crypto? (Meaning + Examples)

What is a Rug Pull in Crypto? (Meaning + Examples) What is a Rug Pull in Crypto? (Meaning + Examples)

CZ's letter, infused with optimism and resilience, reassured his staff that "Binance will be fine." 

In a nod to the iconic Star Trek series, he urged the team to "continue performing admirably," reflecting his confidence in their capabilities. He also encouraged his "Binancians" to extend a warm welcome and support the new CEO, Richard Teng, who will soon formally appear at the company's town hall to take his new role.

Teng, previously overseeing regional markets outside the United States at Binance, has been described by CZ as a "highly qualified leader" well-suited to steer Binance through its next growth phase.

As part of his departure, CZ has agreed to pay a $175 million bail and plans to return to the US two weeks before his sentencing on February 23rd, 2023. This arrangement potentially allows him a brief return to Dubai, where he currently resides.

Additionally, in a separate trust account, CZ has put aside $15 million committing to forfeit these funds if he fails to meet the conditions of his bond.

This leadership change comes after a significant legal settlement between Binance and US authorities, amounting to $4.3 billion. This settlement marks the conclusion of several civil and criminal investigations that have surrounded the crypto exchange over the past year, representing a critical moment in the history of Binance and the broader cryptocurrency landscape.

However, it is worth noting that the crypto exchange still deals with the lawsuit filed by the US Securities and Exchange Commission (SEC).

The resignation of CZ from Binance, amidst legal challenges and a substantial settlement with US authorities, signals a pivotal moment for the company and the cryptocurrency industry. His departure, marked by a motivational message to his team and the ushering in of a new leadership era under Richard Teng, sets the stage for Binance's continued evolution in a rapidly changing and regulated digital currency environment.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating