On November 21, Binance CEO Changpeng “CZ” Zhao resigned from his position after pleading guilty to Anti-Money Laundering law violations.
Following his resignation, CZ addressed the company’s staff through a messaging platform, and his statement began circulating on social media the next day.
In his message, CZ expressed his pride in the Binance team’s work, both in the present and the past, and he expressed confidence in the company’s future, stating, “Binance will be fine.”
He also hinted at potential restructuring plans. In a nod to the famous science-fiction series Star Trek, CZ encouraged everyone to “continue performing admirably.”
Furthermore, CZ requested that the Binance community, which he affectionately referred to as “Binancians,” extend a warm welcome and support to the new CEO, Richard Teng.
He mentioned that he would appear at an upcoming town hall meeting to formally hand over his responsibilities to Teng.
Notably, Richard Teng previously served as the head of regional markets outside the United States at Binance. CZ had previously praised Teng as a “highly qualified leader” who would guide the company through its next phase of growth.
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As part of the legal proceedings, CZ agreed to pay a bail amount of $175 million and committed to returning to the United States two weeks before his sentencing, scheduled for February 23, 2023.
This arrangement potentially allows CZ to return to his residence in Dubai.
Additionally, CZ posted $15 million in a separate trust account, with the understanding that these funds would be forfeited if he failed to comply with his bond conditions.
The resolution of CZ’s legal case also involved a $4.3 billion settlement and plea deal between the U.S. authorities and Binance.
This agreement marked the conclusion of various civil and criminal investigations that had surrounded the cryptocurrency exchange over the past year.
In summary, CZ’s resignation as Binance CEO came in the wake of legal troubles related to Anti-Money Laundering violations.
Despite his departure, he expressed confidence in the company’s future and encouraged support for the incoming CEO, Richard Teng.
Legal agreements, including a substantial bail and settlement, were reached to address the issues at hand and bring some resolution to the situation.
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