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Exactly a week ago, Changpeng Zhao (CZ) handed over his baton as CEO of Binance, the world’s largest crypto exchange, to Richard Teng. After a turbulent week in which Binance was in the spotlight thanks to the broader agreement with the US government, the new boss has now given the first detailed look at the exchange’s next steps.
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Crypto plans Binance
Teng is a former regulator in Abu Dhabi and later head of regional markets at Binance. When CZ officially said goodbye to Binance, Teng was immediately announced as his successor. At the time he left in a News At X we consider it an honor to take on the new role. He also highlighted three priorities: reassuring users, working with regulators and working with partners.
Now the new CEO has made his voice heard for the first time in an official blog post. According to Teng, Binance plans to continue a user-centric approach and “drive the growth and adoption of Web3,” reassuring customers that they will be hearing more from it soon.
In his post, Teng explained that he is committed to the “Binance Way” – in his vision to “consistently deliver best-in-class products that people use and find valuable.” He also confirmed that Binance’s “core mission” is to provide “money freedom” to users.
Teng praised CZ, saying he accepted the role with the founder’s blessing but also sought to distance himself from the previous regime, which got into trouble in the United States by not playing by the rules.
“Over the past six years, Binance has built a foundation that positions the company for decades of continued growth and success. Now my job is to lead our talented and dedicated team into that future while respecting and learning from the past.”
Flight risk for ex-Binance CEO
While Teng is fully focused on the future of Binance, CZ will still be struggling with its problems. CZ is scheduled to announce its verdict on February 23rd. He faces an 18-month prison sentence.
However, he is now free on $175 million bail. However, if he fails to appear in court in February, he could face a prison sentence of up to 10 years. U.S. prosecutors consider CZ a flight risk and therefore believe he should not leave the country before the trial begins. However, CZ does not agree with this and wants to temporarily return to his family.
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