- According to COINOTAG, Richard Teng, who has been a long-time executive, is being considered for the top position in the industry.
- COINOTAG previously reported that the combative CEO had been in talks with the agency about stepping down from his role as part of an agreement with the US Department of Justice.
- In particular, the agreement will not include a settlement with the Securities and Exchange Commission (SEC) over alleged investor protection violations against Binance filed earlier this year.
Crypto exchange Binance’s CEO CZ is preparing to resign by accepting the charges: Who will be the new CEO of the exchange?
CEO CZ of Binance Resigns
Crypto leader Changpeng “CZ” Zhao is preparing to step down from the leadership of Binance and resolve charges with US institutions. According to what COINOTAG has learned, Richard Teng, who has been a long-time executive, is being considered for the top position in the industry.
Teng is currently the president responsible for Binance’s regional markets outside the United States and has previously managed the company’s operations in Europe and Asia. Representatives of Binance and Teng did not immediately respond to a request for comment.
Binance is also preparing to announce new board members to oversee the company’s management and will be subject to a third-party auditor based in the US as part of the agreement, according to people familiar with the matter.
COINOTAG previously reported that the combative CEO had been in talks with the agency about stepping down from his role as part of an agreement with the US Department of Justice. Sources told COINOTAG that Zhao will appear in a federal court in Seattle on Tuesday to admit guilt. The international crypto exchange founded and owned by Zhao, Binance, will admit guilt and pay a $4.3 billion fine to authorities.
Other charges facing Binance
This will also resolve civil charges filed by the Commodities Future Trading Commission (CFTC) regarding Binance providing access to derivatives, such as futures, that require registration to Americans and having weak anti-money laundering controls. In particular, the agreement will not include a settlement with the Securities and Exchange Commission (SEC) over alleged investor protection violations against Binance filed earlier this year.
This news comes at a time when Binance is grappling with a long list of employee departures and regulatory issues. Crypto markets were shaken by the DOJ’s press conference this morning, but have since recovered. Bitcoin is currently trading at $36,777.
