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Binance Appoints Richard Teng as New CEO
22/11/2023
Binance Exchange has named Richard Teng as its new CEO following the departure of co-founder Changpeng 'CZ' Zhao. This decision comes amidst reports of a $4.3 billion settlement reached with the U.S. Department of Justice. Teng, the former Head of Regional Markets, faces the challenge of overseeing Binance's compliance with regulatory terms, including filing suspicious activity reports. Rebuilding trust and addressing regulatory concerns will be crucial for Teng as Binance remains a dominant force in the crypto exchange landscape, with approximately $12.6 billion in trading volume. The settlement sets a significant precedent for regulatory actions against crypto firms, with implications for other exchanges, such as the ongoing SEC lawsuit against Kraken.
