Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Tuesday that its founder and CEO, Changpeng Zhao, also known as CZ, has stepped down from his role and appointed Richard Teng, the former Global Head of Regional Markets, as the new CEO.
In a lengthy post on his X page, CZ said that he made mistakes and must take responsibility for them.
He said that stepping down was the best decision for the Binance community, the company, and himself.
“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,” CZ wrote.
He praised Teng as a highly qualified leader with over three decades of financial services and regulatory experience. He said that Teng will navigate the company through its next period of growth and ensure that Binance delivers on its next phase of security, transparency, compliance, and growth.
Teng joined Binance in September 2023 after serving as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), the Chief Regulatory Officer of the Singapore Exchange (SGX), and the Director of Corporate Finance in the Monetary Authority of Singapore.
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“With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead,” CZ said.
CZ will remain a shareholder and a consultant for Binance, consistent with the framework set out in the U.S. agency resolutions. He said that he will take a break first and then do some passive investing in startups in areas of blockchain, Web3, DeFi, AI, and biotech. He also said that he may be open to being a coach or mentor to a small number of upcoming entrepreneurs.
CZ also pointed out that the U.S. agencies did not allege that Binance misappropriated any user funds or engaged in any market manipulation in their resolutions.
He assured the users that their funds were safe.
He concluded his post by congratulating Teng on his well-deserved promotion and urging the Binance community to support him.