Changpeng Zhao to step down as Binance CEO as he pleads guilty to criminal charges
According to an American media house identified as CNBC, the CEO of Binance Changpeng Zhao has decided to step down as CEO as he pleads guilty to the criminal charges levied against him. He is to settle the Department of Justice with a sum of $4 billion after violating the US anti-money laundering rules.
On Tuesday, November 22nd, Zhao officially tendered his resignation letter and addressed the public about the new developments on X, a platform formerly known as Twitter. He wrote, "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. This is best for our community, for Binance, and for myself."
He added that the cryptocurrency exchange company Binance will continue to excel amidst the challenges and Richard Teng, a former Global Head of Regional Markets, has been inaugurated as the new CEO.
You can read his official public announcement here.
Changpeng Zhao is a Canadian businessman and software engineer. He co-founded the largest cryptocurrency exchange, Binance in 2022. He was born in Lianyungang, Jiangsu, China on the 5th of February, 1977. As of November 21st, 2023, Zhao stepped down as the CEO of Binance to take responsibility for the charges levied against the company. Despite the challenges he encountered as the former CEO, his contribution to the company's growth has been profound.