TechFlow — CZ has posted a long message on X, stating, "I have stepped down as CEO of Binance. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for me personally. Binance is no longer an infant—it's time to let it run on its own—and Binance will continue to grow.
At the same time, I’m pleased to announce that Richard Teng, former Global Head of Regional Markets at Binance, will be appointed as Binance’s new CEO. With over 30 years of experience in financial services and regulation, Richard will lead the company through its next phase of growth. He will ensure Binance achieves the next stage of security, transparency, compliance, and expansion. Prior to joining Binance, Richard served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer at Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore.
As a shareholder and former CEO, I will remain available to advise the team as needed, within the framework established by the settlement agreement with U.S. regulators. As for my future plans, first I will take some time to rest. In the past six and a half years, I haven’t had a single day of true rest. After that, I may make some passive investments, becoming a minority shareholder in startups focused on blockchain, Web3, DeFi, artificial intelligence, and biotechnology. I’m excited to finally have more time to study DeFi.
I can’t imagine ever being the CEO of a startup again. In the future, I might be willing to privately mentor a few entrepreneurs—perhaps at least tell them what not to do.
In addition, I’m proud to point out that in the settlement with U.S. regulators, they did not allege that Binance misappropriated any user funds, nor did they accuse Binance of market manipulation. User funds remain safe."
