Binance reached a settlement with regulators, and the CZ era came to an end. Who is the new CEO?
Interpretation of the key points of the settlement reached between Binance and US regulators
1. Supervision confirmed that Binance did not misappropriate user funds or participate in market manipulation.
2. Binance agrees to pay fines totaling $4.3 billion
3. The fine is due to Binance’s anti-money laundering measures, which failed to 100% intercept money laundering, and CZ must leave the management
3. CZ retains his stake in Binance but cannot hold executive positions in the company
4. According to the plea agreement, the prison term is expected to be no more than 18 months, and the specific sentencing will be postponed for 6 months.
No matter how grateful we are to CZ for everything it has done to promote the development of cryptocurrencies, now that the risks have been cleared, the U.S. investigation has been launched, and compliance is in place, funds from outside the circle can better come in, and a new bull market will have an opportunity to start.
Richard Teng @_RichardTeng will serve as Binance CEO as his successor. Who is he?
Richard Teng is a Singaporean with a background in finance from a prestigious school. Before joining Binance, Richard served as CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of Singapore Exchange (SGX); Singapore Financial Management Bureau Corporate Finance Director.
Richard Teng will join Binance in 2021. He has more than 20 years of experience in government-related agencies and is the formulator and enforcer of regulatory regulations. Being more experienced in facing regulatory pressure from the United States and other countries will also help to better manage a national team.
After taking over as CEO of Binance, Richard Teng posted on social platforms, revealing that his future work priorities are:
1) Allow users to maintain confidence in the company’s financial strength and security;
2) work with regulators to maintain high standards of compliance globally and promote innovation while providing important consumer protections;
3) Work with partners to promote the development and adoption of Web3.
Whether the new Binance under the leadership of Richard Teng can achieve greater glory is something that countless people should be concerned about. Only time will tell. Everyone will wait and see.
