Today's (the 22nd) shocking news in the crypto community: Binance CEO Changpeng Zhao (CZ) announced his resignation and admitted Binance violated US anti-money laundering criminal regulations, agreeing to pay $4.3 billion in a settlement with the US Department of Justice.
CZ posted on his X platform, stating,
What’s next for CZ!
After stepping down, CZ mentioned that he'll continue providing necessary advice to the Binance team and will take a break first.
"I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years."
He emphasised Binance's commitment to user fund security and looks forward to seeing Binance thrive under its new leadership. He pointed out that in their resolutions with the U.S. agencies they:
- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation
New CEO of Binance
At the same time, CZ announced that Richard Teng, the former CEO of Binance's regional markets worldwide, would be appointed as the new CEO of Binance. CZ also mentioned,
"Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth."
And Richard Teng also expressed and specified his goals on his X.
"With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money."
Bitcoin Price
There is more news emerging indicating that Binance CEO CZ may step down from his CEO position. Bloomberg also reported that CZ might face a sentence of not more than 18 months. Investors seemed to view this as bearish news, as Bitcoin's price started to decline again, hitting a low around 8 a.m. today at $35,632. At the time of writing, there had been a slight rebound.
BNB Suffers the Largest Decline
Among them, the most volatile price swing might be BNB, the coin of the Binance platform. Initially, after the announcement of a settlement with the US Department of Justice, it surged by 10% and reached US$271.9. However, following news of CZ planning to resign and possibly facing imprisonment, BNB initiated a fluctuating decline. Marking a drop of 12.47% in nearly 24 hours, making it the largest decrease among the top hundred coins by market capitalization.