Binance names Richard Teng CEO amid Changpeng Zhao’s forced departure

The house that CZ built will now be helmed by its Head of Regional Markets as the U.S. Department of Justice has barred the former CEO from his position.

Binance has named its head of regional markets outside of the U.S., Richard Teng, as its new CEO. The change comes as founder and former CEO Changpeng “CZ” Zhao has resigned and plead guilty to charges levied against him by the U.S. Department of Justice. 

As Cointelegraph reported earlier, CZ and Binance have agreed to a plea deal with the DOJ over alleged anti-money laundering violations. The resulting settlement will cost the company $4.3 billion dollars and, reportedly, bars CZ from serving as an executive at any cryptocurrency companies. He won’t have to give u his shares, however, and will apparently serve no jail time.

This is a developing story, and further information will be added as it becomes available.

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