Changpeng Zhao announces resignation as Binance CEO

In a surprising turn of events, Changpeng Zhao, the CEO of the world's largest cryptocurrency exchange operator, Binance, announced his resignation. 

In a tweet, Zhao said, “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.”

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ 🔶 Binance (@cz_binance)

He further said, “Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.”

He revealed that Richard Teng, the former Global Head of Regional Markets at Binance, would be stepping into the role of CEO to lead the exchange in its next phase of development.

Richard Teng brings over three decades of financial services and regulatory experience to his new position. 

His previous roles include serving as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance in the Monetary Authority of Singapore. 

Zhao expressed confidence that Teng would ensure Binance's commitment to security, transparency, compliance, and continued growth.