bravenewcoin.com
Controversial crypto exchange Binance has appointed Richard Teng as its new CEO. The appointment follows the resignation of former CEO Changpeng “CZ” Zhao who pleaded guilty to charges levied against him by the U.S. Department of Justice.
CZ himself shared the news on Twitter, earlier today:
Teng said on Twitter today that, “It is an honor and with the deepest humility that I step into the role of Binance’s new CEO. We operate the world'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 dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.
My focus will be on:
1) reassuring users that they can remain confident in the financial strength, security and safety of the company
2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.”
CZ Expected to Avoid Jail time
CZ pled guilty earlier today in Seattle to various charges brought forward by the DOJ, including a criminal violation of Anti-Money Laundering statutes.
The settlement allows him to retain his majority stake in Binance. However, the plea bargain stipulates that he cannot hold any executive position within the company. He is expected to avoid jail time.
While the plea deal does not impact the ongoing litigation with the U.S. Securities and Exchange Commission (SEC), which brought a case against Binance in June, it does resolve issues with the Commodity Futures Trading Commission (CFTC).
The $4.3 billion settlement reportedly includes funds allocated to settle the CFTC’s case and outstanding claims against the firm from the U.S. Treasury Department.
The resolution of the Binance case marks another significant victory for U.S. authorities against a major player in the cryptocurrency industry, following the recent conviction of FTX founder Sam Bankman-Fried on fraud and conspiracy charges.