Undetectable Humanizer: Lifetime Subscription
Transform AI-Generated Text into Human-Like, High-Ranking Content & Bypass Even the Most Sophisticated AI Detectors
Get 95% Deal

Breaking: Binance CEO announces his resignation

Emre Çitak
Nov 22, 2023
Updated • Nov 22, 2023
Crypto & Blockchain
|
0

Investment in crypto-assets is unregulated, may not be suitable for retail investors and the entire amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail here.

The cryptocurrency industry has been marked by rapid growth, innovation, and a fair share of controversy. One of the most prominent players in this dynamic realm, Binance, has been under scrutiny from US regulators for alleged violations of anti-money laundering (AML) and Know Your Customer (KYC) requirements.

In a significant development, Binance has reached a $4.3 billion settlement with US authorities, bringing to an end a years-long investigation and marking a turning point for the crypto exchange.

Just hours after the settlement news broke, the crypto world is once again shocked as Binance CEO CZ steps down. Here are the details.

Binance CEO CZ steps down
Binance CEO CZ steps down from his position - Image courtesy of Binance

Binance CEO CZ steps down

In a federal court in Seattle, Zhao pleaded guilty to anti-money laundering and sanctions violations brought by the DOJ. The DOJ alleged that Binance had failed to prevent and report “suspicious transactions with terrorists,” citing both Al Qaeda and ISIS.

The settlement also includes a $4 billion fine, with $3.4 billion going to FinCEN and $968 million to OFAC. Binance will also be subject to compliance requirements and monitoring for a period of five years.

The result? Binance CEO steps down and Binance executive Richard Teng will succeed Zhao as CEO. Teng has been with Binance since 2018 and has held a number of senior positions.

CZ has shared the following memo on Twitter/X.

Binance, on the other hand, has published a blog post about the situation.

CZ remains a major shareholder

Despite stepping down as CEO, Zhao will remain a majority shareholder in Binance. He will also remain a ''resource for consultation on historical areas of the business''.

The settlement and CZ steps down news comes as crypto exchanges are facing increasing scrutiny from regulators around the world. In the United States, the SEC has been cracking down on crypto exchanges for operating without a license and for misleading investors.

The settlement is likely to have a significant impact on the crypto industry. It is a reminder that exchanges must comply with regulations, and that they will face serious consequences if they do not.

Featured image credit: Binance.

Advertisement

Previous Post: «
Next Post: «

Comments

There are no comments on this post yet, be the first one to share your thoughts!

Leave a Reply

Check the box to consent to your data being stored in line with the guidelines set out in our privacy policy

We love comments and welcome thoughtful and civilized discussion. Rudeness and personal attacks will not be tolerated. Please stay on-topic.
Please note that your comment may not appear immediately after you post it.