Resignation of CEO of the largest crypto exchange Binance: Changpeng Zhao found guilty of breaking US laws, Richard Teng new CEO

Changpeng Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange, has resigned. He has resigned after being found guilty of breaking US anti-money laundering laws.

The crypto exchange will have to pay a fine of $4.3 billion for breaking the laws. Zhao will not be able to hold a management position in the company for the next three years. Richard Teng, who was the global head of regional market in the company, has been made the new CEO of the company.

Binance became the biggest exchange due to crimes

US Attorney General Merrick Garland said, ‘Binance became the world’s largest crypto exchange because of its crimes. It will now pay one of the largest corporate penalties in US history. The message here should be clear: using new technology to break the law does not make you a disruptor, but makes you a criminal.

Treasury Secretary Janet Yellen said in a statement, ‘Binance’s willful failure allowed terrorists, cyber criminals and child abusers to flow money through its platform.’

Changpeng Zhao called Richard Teng a capable leader

After resigning from the post of CEO, Changpeng Zhao wrote on social media platform X that Richard is a highly qualified leader. With his over three decades of financial services and regulatory experience, he will lead the company into its next phase of growth.

Richard will ensure that Binance delivers on our next phase of security, transparency, compliance and growth. Zhao further said that along with Richard and the entire team, I am confident that the best days are ahead for Binance and the crypto industry.