Binance CEO Resigns Amidst $4.3 Billion Anti-Money Laundering Settlement Admission
Changpeng Zhao, the former founder-CEO, expressed anticipation for the upcoming leadership transition in a recent post on X. He encouraged his followers on the platform to join him in extending congratulations to the newly appointed CEO, Richard Teng, acknowledging his well-deserved promotion.
Binance’s Founder-CEO, Changpeng Zhao, has resigned from his position following a guilty plea for violating US anti-money laundering laws. Reports indicate that as part of the agreement, Zhao is prohibited from assuming any management role within the company for the next three years. In a social media announcement on X (formerly Twitter), Zhao revealed that Richard Teng, Binance’s global head of regional markets, will be stepping in as the new CEO.
What Richard Teng Said In Twitter
It is both an honour and a profound responsibility to step into the role of Binance’s new CEO.
As the world’s largest cryptocurrency exchange by volume, we carry the trust of 150 million users and the dedication of thousands of employees. This trust is a commitment I take seriously and cherish deeply.
With the unwavering support of CZ and our leadership team, I embrace this role to continue surpassing the expectations of our stakeholders and upholding our fundamental mission—the freedom of money.
Binance’s current foundation is stronger than ever, and my aim is to leverage my three decades of financial services and regulatory experience to guide our exceptional, innovative, and dedicated team toward an even brighter future.
Under my leadership, the focal points will be:
1) Reassuring users of the company’s financial strength, security, and safety, ensuring their unwavering confidence.
2) Collaborating with regulators globally to maintain high standards that promote innovation while prioritising essential consumer protections.
3) Partnering with industry allies to drive growth and foster the widespread adoption of Web3.
Rest assured, Binance is here to stay. Your support means the world to me, and I’m eagerly anticipating the exciting journey ahead.
Binance, the Crypto Giant, Implicated in Connections to Hamas, al-Qaeda, and ISIS Activities
the world’s largest cryptocurrency firm, to activities involving Hamas, al-Qaeda, or ISIS. Binance, like many other financial institutions, operates under regulatory frameworks and compliance standards to prevent illicit activities.
Any claims suggesting such connections should be critically examined and verified from reliable sources before acceptance. As of my last knowledge update in January 2022, there were no reports or findings supporting these allegations against Binance.
In a landmark development, Binance, the cryptocurrency exchange giant, has been hit with a staggering $4.3 billion penalty, marking one of the largest corporate fines in US history. The penalty is a result of Binance’s violation of US anti-money laundering laws.
Shockingly, the company is implicated in facilitating illicit financing and has allegedly concealed over 100,000 suspicious transactions linked to militant groups such as Hamas, al-Qaeda, and ISIS. As part of the agreement, Binance is obligated to pay $1.81 billion within 15 months, with an additional forfeiture of $2.51 billion.
In a significant turn of events, Changpeng Zhao, having pleaded guilty to federal criminal charges and relinquished his role as Binance CEO, has appointed Richard Teng as his successor.
Teng, the former CEO of Abu Dhabi Global Market and the ex-global head of regional markets at Binance, brings a wealth of experience to his new position.
Notably, he has served as the director of corporate finance at the Monetary Authority of Singapore in the past. This strategic move signals a new chapter for Binance under Teng’s leadership.