So we got new CEO of Binance

[ene1980]

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

This was not unexpected, we knew this was coming and the idea of a borderless company goes down the drain when you settles with the SEC for $4 billion and pleading guilty and in that instance there is no other option than to step down. Wonder when people start to move to DEX.

[Adreman23]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

[poodle63]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

CZ as a CEO does really have a lot of influence toward binance success so far, he abandoning the position instantly causes massive problem for Binance aside the fact that binance is already having problem that they need to face in the first place.
his resignation instantly causes massive withdrawal, drops of BNB value in the market and many people doubting so much about the future of binance that I think it gonna causes some wave in the market and might possibly cancels out the preparation of bitcoin towards massive bullrun though im expecting the ETF influence toward the market will become unshaken even with resignation of CZ since binance will still be intact and not going anywhere anyway, they still have billions of money as a reserve.
but will such problems also gonna go towards other exchange? we don't know for sure, maybe other exchange also need to learn from binance.

[batang_bitcoin]

These are influential men in the system, any little mistakes these men are top targets as prey by their enemies, and they can't be changed with the slightest strategy but can be changed with significant transformationm. Firstly, I was scared about the change of power of Binance, though everything working perfectly smoothly for the team, the new CEO will enchance. The former CEO binance, Changpeng Zhao have withdraw from the race of hardwork, why give up now? Perhapes he's been charged for sort form or money laundering, though the whole scenario have not been clear to me.

It's not even taking a week after the change of CEO so why worry? He didn't gave up, he did it for the sake of the company as he said because it could be part of the deal and settlement with the US government.

I wonder if he actually instead gonna be joining board of advisor, regardless though binance should just accept their punishment, it seemed in the future binance will not gonna ever trying to open services in the US anymore I guess considering how bad their punishments are. the changing of CEO will do absolutely nothing.
right now so many people has withdrawn their money from binance because of this, which also unavoidably affect the price of many entities related to binance.
but honestly, I wonder whats the future gonna be with binance, will they face anymore problem, or would they learn from this in the future, since it seems like if they can't step into the US market, they'd definitely trying to focus on some other country instead.

They have already accepted what's fined to them and paid it with $4B which is a lot of money. We don't know yet the future of it and usually with these changes, we might see some changes as well that shall be implemented. Otherwise, there's really no need to change at all and Teng the new CEO needs to just go to work as simple as that.

[slashz9]

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Check the Binance announcement for complete story.

https://www.binance.com/en/blog/leadership/binance-announcement-reaching-resolution-with-us-regulators-2904832835382364558

If that's true, does it mean that he admits to the accusations that the SEC leveled at him and is guilty of them, or is this an attempt to save Binance?
I think Binance will continue to run with or without CZ, it's like a system that can run itself, even CZ admits it.
whatever it is I hope something like ftx will not happen to binance.

[NewRanger]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

At least be an advisor on the stock exchange. but I'm sure there are still many optimists about this exchange and its coins. and that doesn't reduce people's desire to buy BNB after this hot rumor. unless the exchange sells all BNB assets and turns them into money. just collapsed and everyone was dizzy.

Towards CZ's resignation in my opinion its a natural fear because they don't want to experience a similar incident as what happened before with FTX.

[FinneysTrueVision]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

With these legal actions there was some initial fear that Binance will be the next FTX. For now it seems that their problems can be solved with a fine and CZ stepping down from his position. A collapse of Binance does not appear to be imminent so I think BNB will be fine. XRP price was also down for a long time while they had their legal problems but they have managed to recover.

I don't expect CZ to fade into obscurity but he will be less prominent. He is still majority owner of Binance and there are other ventures he might want to focus on.

[Wahyuihib]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

With these legal actions there was some initial fear that Binance will be the next FTX. For now it seems that their problems can be solved with a fine and CZ stepping down from his position. A collapse of Binance does not appear to be imminent so I think BNB will be fine. XRP price was also down for a long time while they had their legal problems but they have managed to recover.

I don't expect CZ to fade into obscurity but he will be less prominent. He is still majority owner of Binance and there are other ventures he might want to focus on.

Yes, that's right, I agree with your statement.  it seems like cz will have little influence on this exchange.  and it would be a shame if an exchange as big as binance could experience something like that

[cryptoaddictchie]

If that's true, does it mean that he admits to the accusations that the SEC leveled at him and is guilty of them, or is this an attempt to save Binance?
I think Binance will continue to run with or without CZ, it's like a system that can run itself, even CZ admits it.
whatever it is I hope something like ftx will not happen to binance.

Probably a settlement I guess. Not sure but this wasnt disclose like if his really guilty of what he is being accused maybe it is. But since he paid you could say that but on the good perspective itd hard to argue with the government as they dont usually understand a crypto enthusiasts. Maybe for them they see CZ as whopping peoples money but for the community he is just helping through different means. Well I dont know since they are playing with funds so huge to even understand the situation.

[Ben Barubal]

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Check the Binance announcement for complete story.

https://www.binance.com/en/blog/leadership/binance-announcement-reaching-resolution-with-us-regulators-2904832835382364558

  There is a basis for that because there was a new CEO at Binance, and if CZ stepped down from his position, it was because of the condition of his paying a fine, apart from the fact that he could be jailed for 18 months. If I'm not mistaken, the final decision will be next year.

  Let's see what the new CEO can do. Who knows what better things will happen in the coming times for the Binance platform? Let's not judge the new CEO; after all, he won't be sitting there if he is not good at holding that position.

[bitgolden]

If that's true, does it mean that he admits to the accusations that the SEC leveled at him and is guilty of them, or is this an attempt to save Binance?
I think Binance will continue to run with or without CZ, it's like a system that can run itself, even CZ admits it.
whatever it is I hope something like ftx will not happen to binance.

Probably a settlement I guess. Not sure but this wasnt disclose like if his really guilty of what he is being accused maybe it is. But since he paid you could say that but on the good perspective itd hard to argue with the government as they dont usually understand a crypto enthusiasts. Maybe for them they see CZ as whopping peoples money but for the community he is just helping through different means. Well I dont know since they are playing with funds so huge to even understand the situation.

Basically the best case is that he just didn't want the trouble so he just got out, which is understandable because we are talking about a person who already has a lot of money and he didn't want heat on him, if he just went against it then I am sure that he could have appealed and did his best, and hired the best lawyers in the world and the best law companies and just bury this under pile of paperwork to make it go long even further, I can be certain that it would have costed SEC more to keep it going then just end it, so he could have done all of that, basically wage war against SEC, but he knew that it wouldn't be helpful and it would just come back later, and he didn't want a life like that and just quit and retired basically, he can do something else.

[nimogsm]

I think that ordinary users will not even notice the replacement. It is important what policy the exchange will have and whether everything will work as before. Let's see how the new CEO will perform and how the large crypto community will accept him.

[cryptomaniac_xxx]

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Check the Binance announcement for complete story.

https://www.binance.com/en/blog/leadership/binance-announcement-reaching-resolution-with-us-regulators-2904832835382364558

What surprises us is how CZ step down, there are huge pressures from regulatory body that made him resigned. So that is the biggest news for us in the last 24-48 hours. But I think Binance is in good hands, I mean this is not the first time that we have seen this kind of movement.

It could be a new beginning for Binance as we look at it, however, I think CZ will come back in any capacity here. And there's none of that power struggle in the top, it's that again there are entities that wanted CZ out of Binance. So by now, he could be in the background but yet for sure we will felt his influence in Binance and we might not know that it was CZ that still making the decision behind.

[Sophokles]

CZ's step down from binance is good for the exchange and altcoin markets as well. Binance is the biggest promoter of altcoin, and downfall of binance can be a massive blow to the whole altcoin marketplace. Also SEC is trying to manipulate binance so that their influence over the overall crypto industry can diminish so that companies like blackrock can dominate the market in the future. This is just speculative thinking, and it can be totally wrong, but binance has been targeted many times before, so it can be a fact.

[asriloni]

I believe the recent news might negatively affect Binance and BNB Coin. The abrupt drop in BNB could be attributed to some investors reacting with fear to CZ's resignation. Nevertheless, it's possible that only the title has changed, and CZ remains involved with Binance.

Binance has settled the problem by made some agreements with US. 1 of these agreement to pay more than 4 billions as a compensation to the US. CZ is also paying some money to make sure he will not be jailed.
CZ has accepted his guilty as his platform being used to funding the terrorist. CZ is still co founder. The drop will remain temporary but we must also aware if cz has sacrificed himself for the bullish trend of crypto.

In another case, SEC was also starting to sue kraken but the exchange site is willing to fight against SEC like what some crypto companies did in the past. Another long term battle against SEC.
RT was not that bad as a new CEO, CZ will be coming back once he will able to sorted out all of his problem with US regulartors.

The day will come soon.

[JeffBrad12]

I think that ordinary users will not even notice the replacement. It is important what policy the exchange will have and whether everything will work as before. Let's see how the new CEO will perform and how the large crypto community will accept him.

big fat chance CZ would just advise from behind the curtain therefore the policy will be more or less the same as it is today.
but CZ stepping down from his position of CEO I guess the best decision their company could make, otherwise they'd receive even heavier punishment I guess.
personally considering the fact that the binance reserve was still humongous anyway, even with withdrawal of more than 1 billion at the news of CZ stepping down it will do nothing.
I guess the biggest change with binance nowaday is that they don't open service in US anymore and will be only focused on the other part of the worlds.

[TimeTeller]

I think that ordinary users will not even notice the replacement. It is important what policy the exchange will have and whether everything will work as before. Let's see how the new CEO will perform and how the large crypto community will accept him.

big fat chance CZ would just advise from behind the curtain therefore the policy will be more or less the same as it is today.
but CZ stepping down from his position of CEO I guess the best decision their company could make, otherwise they'd receive even heavier punishment I guess.
personally considering the fact that the binance reserve was still humongous anyway, even with withdrawal of more than 1 billion at the news of CZ stepping down it will do nothing.
I guess the biggest change with binance nowaday is that they don't open service in US anymore and will be only focused on the other part of the worlds.

Based from the email sent to their users, the tone is still very positive as their services didn't change even with this announcement.
As you said, their reserves are humongous so to speak. So there's no worry about the use of their services.
As a major shareholder of this platform, CZ is still in the background to guide this business of theirs.
I don't think he is not ready for this situation. They have been preparing themselves for this worst case scenario since they have seen how trading platforms failed in the past years without any prep at all.
I believe the difference among those leaders who stepped down was that, CZ didn't misappropriate the funds nor spent for his luxuries.

[cryptoaddictchie]

It could be a new beginning for Binance as we look at it, however, I think CZ will come back in any capacity here. And there's none of that power struggle in the top, it's that again there are entities that wanted CZ out of Binance. So by now, he could be in the background but yet for sure we will felt his influence in Binance and we might not know that it was CZ that still making the decision behind.

For sure theres a lot of people with influence want him out maybe majority by SEC and their puppies. Being a CZ is something we cant forget about crypto bloom. So if ever he decides to create another platform or focuses on defi, this is something people will dive in. Its not that he isnt gonna try that but opportunities for CZ is just starting and Binance is not his only way on how to come up on top.

[GreenStox]

The new CEO of Binance seems to have been chosen with the best considerations, however, it would be a shame for Binance to end up like FTX and Luna, because BNB is backed up by the largest exchange in crypto.
that's why another solution was proposed, I saw cz put up 175m$ for the guarantee, and binance was fined 4bn$, that's a huge amount of money in a case like this.

[ivankoh]

I think that ordinary users will not even notice the replacement. It is important what policy the exchange will have and whether everything will work as before. Let's see how the new CEO will perform and how the large crypto community will accept him.

big fat chance CZ would just advise from behind the curtain therefore the policy will be more or less the same as it is today.
but CZ stepping down from his position of CEO I guess the best decision their company could make, otherwise they'd receive even heavier punishment I guess.
personally considering the fact that the binance reserve was still humongous anyway, even with withdrawal of more than 1 billion at the news of CZ stepping down it will do nothing.
I guess the biggest change with binance nowaday is that they don't open service in US anymore and will be only focused on the other part of the worlds.

Yes. I think that more than 1.16 billion withdrawn in 24 hours will not be comparable to more than 150 million users worldwide. It is not a data that indicates severity. It is possible that successive events are likely to occur and continue to be detrimental to Binance with regards to CZ. But personally, I think that Binance's ability to maintain its position as the world's largest crypto exchange is unquestionable. They will do everything to complete the CZ case and overcome this difficulty. CZ's contributions to the development of Binance in particular and bitcoin/crypto in general are indisputable. So we need to wait for a continuation from Richard Teng...