Binance CEO Teng Unveils Roadmap for Exchange’s Next Chapter

• The founder of cryptocurrency exchange Binance recently resigned from his position as Binance CEO.
• The newly elected CEO has published his first official blog statement.
• The former Binance CEO, CZ, is still facing criminal charges from the U.S Department of Justice.

The recent DOJ crackdown on Binance which alleged criminal charges including the violation of the U.S anti-money laundering laws, resulted in the shocking departure of its founder Changpeng “CZ” Zhao from the Chief executive Officer Position. On November 21, Richard Teng, the now-former Global Head of Regional Markets of the exchange was appointed as his successor, and has since taken the helm as the exchange’s new CEO.

Six days after assuming Binance’s leadership position, Teng has published his inaugural official blog statement.

Teng Addresses Binance Users

In an official post on Monday, November 27, Richard Teng expressed his enthusiasm for the assumption of his new role at Binance, highlighting the vision for the forthcoming phases of the exchange.

Teng, whose record of experience includes serving as a Director of Corporate Finance in the Monetary Authority of Singapore and as a financial expert in the Abu Dhabi Global Market, reiterated his commitment to driving the growth and adoption of Web3 to build an ecosystem that provides access to world-changing financial technologies.

He emphasized the exchange’s dedication to contributing to the growth of the global cryptocurrency ecosystem while ensuring compliance with industry regulations.

“As we usher in the next phase of Binance’s responsible growth, I am excited for the opportunity to engage in a meaningful conversation with global policymakers, to ensure crypto investors remain confident in the industry’s future, and to engage and educate the next billion users so that we may work to ensure the long-term sustainability of crypto.”

Teng assured users that Binance’s capital structure is debt-free, emphasizing the maintenance of a 1:1 backing for every user asset. He reiterated the commitment to prioritizing user protection and called for their support as he journeys ahead.

Read more on the ongoing legal battle involving the ex-Binance CEO and the DOJ:
Binance’s Ex-CEO Disputes Flight Risk Label Amid DOJ Claims 

To find out more about CZ’s guilty plea and his resignation, read here:
CZ Steps Down As Binance CEO And Plans Guilty Plea