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‘l need everyone to continue performing admirably’

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4fd14964 edbd 4bc7 b2b6 303ff23901db

The former Binance CEO Changpeng “CZ” Zhao stepped down from his role on Nov. 21 after pleading guilty to not following anti-money laundering laws. He then issued a statement via a messaging platform to the company. 

CZ’s letter began circulating on social media on Nov. 22. In the letter, CZ praised his team saying he is “proud” of their work, “today, in the past, and into the future.” He also said that “Binance will be fine” but hinted at restructuring.

CZ threw in a quote from the famous science-fiction series Star Trek and said:

“l need everyone to continue performing admirably.”

He also asked his “Binancians” to welcome and help the new Binance CEO Richard Teng into his role, and said he will make an appearance at the upcoming town hall, during which he will hand it off to Teng.

Teng was formerly the head of regional markets outside of the United States at Binance. As previously reported, CZ commented that Teng is a “highly qualified leader” and that he will help the company through the next period of growth.

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CZ will now pay a bail of $175 million and has agreed to return to the United States 2 weeks before his sentencing on Feb. 23, 2023. This could possibly allow him to return to Dubai, where he has residency. 

Additionally, the former Binance CEO posted $15 million in a separate trust account, agreeing to forfeit the funds if he fails to adhere to his bond conditions.

The U.S. made a deal with Binance for a $4.3 billion settlement and plea deal with CZ, which concluded a number of the civil and criminal investigations that have embattled the exchange over the last year.

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