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Binance CEO outlines plan for crypto change after CZ steps down

Richard Teng, Binance’s former world head of regional markets and now CEO, introduced his intention to drive progress on the crypto change following Changpeng “CZ” Zhao stepping down.

In a Nov. 27 weblog submit, Teng stated he had the help of CZ and Binance’s management following the previous CEO’s departure as a part of an settlement with United States officers. In accordance with Teng, Binance plans to proceed a user-focused method to its enterprise and “drive progress and the adoption of Web3,” assuring clients they’ll hear extra from him quickly.

“I’m keen to leap headfirst into my new function and know there will likely be many extra alternatives for me to share my ideas with the neighborhood by way of blogs like this one, by way of my social media accounts — Twitter, LinkedIn — and thru the various trade conferences and occasions world wide,” stated Teng.

It’s unclear how Teng will handle Binance’s enterprise because it balances U.S. oversight with a well known determine like CZ shifting out of its management. On Nov. 22, blockchain analytics agency Nansen reported that there didn’t seem like a “mass exodus of funds” 24 hours after the U.S. settlement with Binance, with the change’s complete holdings rising to greater than $65 billion.

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Teng turned CEO of the most important crypto change after Zhao agreed to step down as a part of a settlement with the U.S. Division of Justice introduced on Nov. 21. CZ pleaded responsible to at least one felony cost and can pay $150 million to regulators, whereas the crypto change agreed to roughly $4.3 billion in penalties.

Authorities are trying to limit journey for Zhao, who’s normally primarily based within the United Arab Emirates and has household in Dubai. The previous Binance CEO might resist 18 months in jail following his sentencing in February 2024.

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