CZ, the CEO of Binance, has stepped down as part of a major $4 billion settlement between the US and the largest exchange in the world.
CZ, the CEO of Binance, has stepped down as part of a major $4B settlement between US and the largest exchange in the world.
As the title mentioned, CZ is such a respected pillar in the Crypto Industry, without him, the Crypto Industry has never ever reached its height as today.
CZ Step Down
Binance, the global leader in cryptocurrency exchange, faced criminal charges for violating sanctions and laws related to money transmission. The company has opted to settle the accusations by agreeing to pay a substantial sum of $4.3 billion.
Changpeng “CZ” Zhao, the founder, pleaded guilty in Seattle to charges directed at him personally. He has consented to a $50 million fine and has also agreed to resign from his position as CEO.
Later that, CZ introduced the new CEO of Binance, Richard Teng, Binance’s global head of regional markets.
CZ and Binance
Although stepping down the CEO position of Binance, CZ still remains available as a shareholder and former CEO with historical knowledge of the company; and would “consult when needed”.
CZ also left a long thread on his personal X account.
“Binance is no longer a baby. It is time for me to let it walk and run.”
CZ wrote in his tweet.
Lastly, at the end of his tweet, he announced the resolutions with the US agencies that:
- Binance is not alleged to misappropriate any user funds
- Binance is not alleged to engage in any market manipulation.
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Market Reaction
The market has made such a correction due to this news, however, the market has recovered all the loss in yesterday’s rally.
However, what I want to say here is the reaction of all people on the crypto space.
Justin Sun, the leader of the Tron ecosystem and the HTX exchange, also share his thought.
And many others’ solace from well-known individuals in Crypto.
To me, as a Crypto researcher, I found this events emotional, because, CZ has been one of the greatest man in the Crypto industry. Without him, the Crypto Industry shall not been reached its height as today, shall not be thriving as today. However, we are not be able to change what had happened, and we, as well as CZ, all hope for a a better future for Crypto, a new era of Binance without CZ.
