Binance names Richard Teng as new CEO as founder CZ admits mistakes

Quick Take

Binance, the world’s largest cryptocurrency exchange, appointed Richard Teng as CEO as founder Changpeng ‘CZ’ Zhao steps down after pleading guilty to criminal charges in the U.S.
Teng previously worked as Binance’s Global Head of Regional Markets.

Binance said Tuesday that Richard Teng will replace Changpeng 'CZ' Zhao as CEO as the company pleaded guilty to criminal charges in the U.S. and agreed to pay $4.3 billion in fines.

Zhao took to X to both apologize for his mistakes and announce Teng's ascension to CEO.

"Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility," he said. "Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. I’m pleased to announce that Richard Teng ... has been named the new CEO of Binance today."

Zhao, commonly known as "CZ," agreed to leave his post as CEO of the company as part of a plea deal with the U.S. Department of Justice, according to court filings. Binance also pled guilty to counts of money laundering, conspiracy to conduct an unlicensed money transmitting business, and sanctions violations and will pay a total of $4.3 billion in fines.

'Remain confident'

Teng previously held the position of Binance's Global Head of Regional Markets.

Teng said in a post on X that his priorities included "reassuring users that they can remain confident in the financial strength, security and safety of the company, collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections, and working with partners to drive growth and adoption of web3."