“Changpeng Zhao (CZ) Comments on Recent Developments.”
“Today, I resigned as the CEO of Binance. Undoubtedly, letting go emotionally was not easy. But I know I made the right decision in owning up to my mistake and taking responsibility. This is best for our community, Binance, and me.”
“Binance is no longer a baby. It’s time to let it walk and run. I know it will continue to grow and succeed with its profound infrastructure.”
“I am pleased to announce that Richard Teng, former Global Head of Regional Markets, is selected as Binance’s new CEO today.”
“Richard is an extremely qualified leader, and with over thirty years of financial services and regulatory experience, he will steer the company’s direction in its next phase of growth. He will ensure Binance reaches our next stage of security, transparency, compliance, and growth.”
Before joining Binance, Richard was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); the Chief Regulatory Officer at the Singapore Exchange (SGX); and the Director of Corporate Finance at the Monetary Authority of Singapore.
I am confident that with Richard and the entire team, the best days for Binance and the crypto industry are soon to come.
As a shareholder with historical knowledge of our company and a former CEO, I will be available to consult with the team as needed, in accordance with the framework specified in our U.S. institutional decisions.
What’s next for me?
First, I will take a break. I haven’t had a single day of real (phone-off) break in the last 6.5 years.
Afterward, my current thought is probably to make some passive investments, becoming a minority token/shareholder in ventures in the fields of blockchain, Web3, DeFi, artificial intelligence, and biotechnology. I’m happy that I’ll finally have more time to dedicate to DeFi.
I can’t see myself as a CEO leading a startup again. I am content with being a one-time (lucky) entrepreneur. If there’s an audience, I might be open to being a coach/mentor privately to a small number of new entrepreneurs. At the very least, I can tell them what not to do.
In this context, I am proud to clarify in our decisions with U.S. institutions:
- You should not claim that Binance misused any user funds, and,
- You should not allege that Binance was involved in any market manipulation.
Funds are SAFU!
Nevertheless, I eagerly await the new leadership to take the reins. Please join me in congratulating Richard on his well-deserved promotion.
CZ (Changpeng Zhao)”
“The Original Statement”