Binance CEO Changpeng Zhao (CZ) has officialy resigned from his position effective immediately. CZ cited a need to take responsibility for past mistakes and allow the company to grow without his leadership.
CZ’s resignation comes at a time when Binance is facing increased scrutiny from regulators around the world. The company has been accused of failing to implement adequate anti-money laundering (AML) and know-your-customer (KYC) procedures, and it is currently under investigation by several government agencies.
In his resignation message on X, CZ said that he made mistakes and that it was time for him to let go. He also expressed confidence in the company’s future under the leadership of new CEO Richard Teng, who has over three decades of experience in the financial services industry.
#Binance #CZ UPDATE 🚨🚨 https://t.co/xY6AG6D0ik
— ChainAffairs ⚡ (@ChainAffairs) November 21, 2023
CZ’s departure is a significant blow to Binance, which is the world’s largest cryptocurrency exchange by trading volume. However, the company has a deep bench of talent, and it is well-positioned to continue to grow and succeed.
What’s Next for CZ?
CZ plans to take a break after resigning from his position as CEO of Binance. He has not had a single day of real (phone off) break for the last 6 and half years. After that, he plans to do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. He is also interested in being a coach/mentor to a small number of upcoming entrepreneurs.
CZ expressed pride in the fact that the U.S. agencies that have investigated Binance do not allege that the company misappropriated any user funds or engaged in any market manipulation. He also reiterated that Binance is committed to operating in a compliant and responsible manner.
Conclusion
CZ’s resignation is a major event in the cryptocurrency industry. It remains to be seen how Binance will fare without its charismatic and visionary leader. However, the company has a strong foundation and is well-positioned to continue to be a leader in the cryptocurrency space.
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