In a surprising turn of events, Changpeng Zhao, the founder and CEO of Binance, announced today that he is stepping down from his role. In a heartfelt message to the Binance community, Zhao admitted that the decision was not an easy one but emphasized that it is the right step forward for the company, its community, and himself.

Binance, once a fledgling startup, has grown into a global powerhouse in the cryptocurrency industry under Zhao's leadership. However, as the company has matured, Zhao believes it's time to let go and allow it to take its own strides. Acknowledging his own mistakes, Zhao expressed the need to take responsibility for the benefit of all stakeholders.

The announcement came with a significant revelation—Binance's new CEO is none other than Richard Teng, the former Global Head of Regional Markets at Binance.Richard Teng a wealth of experience, boasting over three decades in financial services and regulatory roles. His previous positions include CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer of the Singapore Exchange, and Director of Corporate Finance in the Monetary Authority of Singapore.

Zhao expressed confidence in Teng's ability to lead Binance through its next phase of growth, emphasizing the importance of security, transparency, compliance, and overall prosperity for the company.

As Zhao steps down from the CEO position, he assured the community that he would remain available to the Binance team for consultation, aligning with the framework set out in the U.S. agency resolutions.

Looking ahead, Zhao shared his plans for the future. He expressed the need for a well-deserved break after six and a half years of continuous dedication to Binance. Following the break, he plans to engage in passive investing, becoming a minority token/shareholder in startups within the blockchain, Web3, DeFi, AI, and biotech sectors. While ruling out a return to a CEO role, Zhao hinted at the possibility of becoming a coach or mentor to emerging entrepreneurs, drawing from his own experiences.

One noteworthy aspect of Zhao's farewell message was the affirmation of Binance's integrity. Despite recent regulatory scrutiny, Zhao pointed out that the U.S. agencies did not allege misappropriation of user funds or market manipulation by Binance. He emphasized the safety of funds (SAFU) on the platform.

In closing, Zhao expressed his excitement about witnessing the new leadership under Richard Teng and called on the community to join him in congratulating Teng on his well-deserved promotion.

The departure of Changpeng Zhao marks the end of an era for Binance, but with Richard Teng at the helm, the future looks promising as the company continues to evolve in the dynamic landscape of the cryptocurrency industry.

Source:Changpeng Zhao's Twitter