Binance CEO Changpeng Zhao Resigns Amid US Law Conviction; Richard Tang Appointed Successor

Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange, resigned on Wednesday amidst legal challenges in the United States. This move comes as part of resolving allegations against the company related to anti-money laundering laws, and Binance will also pay a hefty fine of $4.3 billion (approximately 35,000 crores INR).

Zhao to Step Down from Management Roles in the Next 3 Years

Zhao will not hold any management position in the company for the next three years. Richard Tang, the former head of the company’s global markets, will take over as the new CEO. The Justice Department, Treasury Department, and the Commodity Futures Trading Commission have been investigating the company for years.

Binance Becomes the Largest Exchange Due to Violations

US Attorney General Garland stated, “Binance became the world’s largest crypto exchange due to its violations. It will now face one of the largest corporate penalties in the history of the United States.”

At the same time, Treasury Secretary Janet Yellen had conveyed in a statement, “Binance allowed terrorists, cybercriminals, and child exploiters to launder money through its platform.”

Zhao Praises Richard Tang as Competent Leader

After resigning as CEO, Changpeng Zhao praised Richard Tang on the social media platform X, stating that Tang is an accomplished leader with high-quality services and regulatory experience. He believes that, with Tang and the entire team, Binance will continue to lead in security, transparency, compliance, and growth.

Richard Tang Takes the Helm with Confidence

Richard Tang, now the CEO, assured that Binance, under his leadership, would ensure the security, transparency, compliance, and growth of the next generation. He expressed confidence that, with Richard and the entire team, Binance is set for the best days ahead.

Richard Tang’s Significant Contributions

Richard Tang has previously served in vital roles in the company, such as the global head of regional markets. Before joining Binance, he was the CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority. Additionally, he served as the Chief Regulatory Officer of the Singapore Exchange (SGX) and as the Director of Corporate Finance at the Monetary Authority of Singapore.