Binance Founder Released On Bail, Steps Down As CEO, And Names Successor After Guilty Plea!

Sam Bankman-Fried launched whisper campaign against Binance and Changpeng Zhao
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In the wake of his recent guilty plea, Changpeng Zhao (CZ), the now-former CEO of Binance, has announced Richard Teng as his successor. Teng, a seasoned professional with a wealth of experience in financial regulation, is set to steer the cryptocurrency exchange into a new era. Zhao acknowledged the emotional difficulty of relinquishing control but emphasized the need for responsibility.

Zhao noted with pride that U.S. agencies did not allege Binance had misappropriated user funds or engaged in market manipulation. The case against Binance revealed three criminal charges against the exchange. These included

  • conducting an unlicensed money-transmitting business,
  • violating the International Emergency Economic Powers Act, and
  • conspiracy.

In response, Binance has agreed to pay $4.3 billion in fines and forfeiture. Zhao personally pleaded guilty to violating the Bank Secrecy Act, with the DOJ recommending a $50 million fine for him. He has been released on a $175 million personal recognizance bond, backed by $15 million in cash, with a sentencing hearing scheduled for February 23, 2024.

Richard Teng, Binance‘s new CEO, brings a wealth of experience to the table. He previously served as the CEO of Abu Dhabi Global Market, the UAE capital’s financial services regulator. Teng was most recently the global head of regional markets at Binance and has also held the position of director of corporate finance at the Monetary Authority of Singapore.

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