CZ Steps Down as Binance CEO

The co-founder of Binance and the CEO of the popular Cryptocurrency Exchange(CEX) platform has resigned as the Chief Executive Officer.

In a news gotten from his verified X social media handle, he said that he will have the opportunity to take a rest, especially phone rest which has not been taken in the past six years.

CZ said he will be committed to mentoring startup founders in ways he can teach them what they should not do.

Speaking further, he said he will be investing in startups that are into blockchain, and other investments that interest him and he will focus on private investment instead of leading a startup again.

He also named Richard Teng the former Binance Head of Regional Markets as his successor as the Chief Executive Officer of Binance.

CZ also debunked certain news that does not represent the corporate image of Binance as he portrayed that the exchange platform never manipulated the market or carried out illegal deals. He assured investors and traders that their funds are safe.

In the full statement of his tweet gotten from X social media formerly Twitter, he 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. 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. I’m pleased to announce that

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@_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth. Prior to joining Binance, Richard was 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. With Richard and the entire team, I’m confident that the best days for

@Binance and the crypto industry lay ahead. As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions. What’s next for me? I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi. I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do. On that note, I am proud to point out that in our resolutions with the U.S. agencies they: – do not allege that Binance misappropriated any user funds, and – do not allege that Binance engaged in any market manipulation. Funds are SAFU! With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion. Onwards! CZ “

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