Binance has announced the name of its new CEO. CZ wrote that he admitted his mistakes

Cryptocurrency exchange Binance announced that regional markets head Richard Teng will replace Changpeng Zhao (CZ) as CEO.

With the support of CZ and our leadership, I have accepted this role so that we can continue to meet and exceed stakeholder expectations while achieving our core mission of money freedom overnight,” the executive wrote.

He emphasized that “the foundation on which Binance stands today is stronger than ever.”

Teng also indicated what he would focus on in his work:

assuring users that they can remain confident in the financial strength and security of the company;

working with regulators to globally maintain high standards that promote innovation while protecting consumers;

working with partners to drive growth and adoption of Web3 .

Changpeng Zhao expressed regret for his mistakes in an extensive post and introduced the new head of the company.

Today I left my post as CEO of Binance. Of course, it was not easy for me to cope with my emotions. But I know it's the right thing to do. I made mistakes and must take responsibility,” CZ wrote.

He added that Binance is “no longer a baby” and the company “will grow and prosper.”

Exchange representatives wrote that they had reached an agreement “with several American departments regarding their investigations

This will allow us to turn the page on a difficult but transformative chapter of learning that has helped us become a stronger and more secure platform,” Binance said.

According to the indictment, the exchange was used to finance terrorism, money laundering and other illegal activities, and allowed the transactions of Hamas, ISIS, other terrorist organizations, as well as residents of sanctioned jurisdictions.

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