CZ pleaded guilty and resigned as CEO of Binance

Avatar of Nick John By Nick John Dec10,2023 #Binance #resigned
CZ pleaded guilty and resigned as CEO of Binance 4
CZ pleaded guilty and resigned as CEO of Binance 4

`Today, I resigned as CEO of Binance. Letting go was admittedly not easy. But it was the right thing to do. I made a mistake and I must take responsibility. This is the best thing to do.

Earlier that day, CZ appeared before a Seattle court and pleaded guilty to `non-compliance with anti-money laundering regulations` and violating sanctions issued by the US Department of Justice (DOJ).

Previously at the end of March, Binance and CZ were investigated by the CFTC for allegedly violating eight provisions of the US Commodity Exchange Act, including laws requiring measures to `prevent and detect money laundering and

The court’s sentencing date for CZ is expected to be February 23, 2024.

Binance founder Changpeng Zhao (CZ).

Binance, the world’s largest cryptocurrency exchange, also plans to plead guilty to criminal charges and agree to pay fines totaling $4.3 billion, including the amount to settle civil charges brought by regulators.

CZ announced that Richard Teng, former head of global regional markets at Binance, has been appointed as the new CEO of Binance.

WSJ sources said that the agreement to leave the CEO position allows CZ to retain majority ownership of the company, even though he no longer has an executive role.

`What’s next for me? I’m going to rest first. I haven’t had a real day off (turning off my phone) in the last six and a half years,` CZ said, saying he doesn’t see himself becoming one.

Billionaire Changpeng Zhao was born in 1977 and is a Canadian of Chinese descent.

Before founding Binance in July 2017, CZ was a member of the development team and held the position of chief technology officer of OKCoin – the second largest cryptocurrency exchange in the world at that time.

Under CZ’s leadership, Binance has become the largest cryptocurrency ecosystem in the world.

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