The big crypto news right now is the resignation of the CEO of the crypto exchange Binance. The world’s largest stock exchange has long had major legal problems in the USA. After a billion-dollar settlement worth $4.6 billion, this is now over.
The ex-stock exchange boss is now reacting to his resignation for the first time.
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Ex-CEO of Binance: “Not easy emotionally”
In one post On X, Changpeng Zhao, better known in the industry as CZ, writes about his resignation. CZ was the founder of Binance in 2017, the crypto exchange that became the flagship of the crypto industry in many ways. His statement begins:
“Today I resigned as CEO of Binance. Admittedly, it wasn’t easy to let go emotionally. But I know it’s the right thing to do. I made mistakes and I have to take responsibility. This is what’s best for our community, for Binance and for me.”
CZ continues to praise his successor. Richard Teng will take over and is ideally suited for this, said the ex-CEO. Teng has three decades of professional experience in the financial world. “He will lead the company through the next phase of growth,” CZ added.
CZ is not withdrawing from crypto completely
After he resigned, many people are curious about his plans. “I’m going to rest first. I haven’t had a single real vacation day (without a phone) in the last six and a half years.
However, after that he plans to enter the crypto world again. This time not as an executive or CEO, but as a passive investor in various crypto projects. He also wants to coach people: “At least I can tell them what not to do.”
Despite the personal negative situation, which can be called positive for Binance, CZ is still pleased to note that the American authorities:
“I am not suggesting that Binance embezzled user funds, and
I am not suggesting that Binance is guilty of market manipulation.”
The multi-billion dollar settlement and CZ’s resignation have brought an end to the lengthy criminal investigation into Binance’s practices. However, the settlement does not end the ongoing case between the exchange and the Securities and Exchange Commission (SEC).