So we got new CEO of Binance

[Huppercase]

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

Binance is screw and I feel, there is more to this show than is even reported in the news. Richard Teng was reported to be the formal head of Binance marketing. I really not sure how that guy was going to handle the affairs of Binance like CZ. I don't follow CZ  as usual  but I know the guy is very symbolic in the crypto market, his statement givea everyone in the crypto space confidence when they have zero hope but he is the type that always encourage, I am not sure if the new CEO has the mental strangth to do that.

Another red flag about this new CEO is that the US are going to be looking at everything he does from now on because they caught CZ red handed and was charge with $4b, now,imagine how much they can make from Binance if they dig more or when they found out that there staffs are doing somr bad things under the hood. It will makes me more scarred about the future of crypto and the crypto market.

[AakZaki]

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right now so many people has withdrawn their money from binance because of this, which also unavoidably affect the price of many entities related to binance.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.

This is not entirely the fault of Binance itself, but the US government is always looking for loopholes in Binance As and Binance has had problems with the US government before. Binance will of course blacklist the US because of this incident and this is also a lesson for other exchanges not to get involved with the US. But I still believe in Binance and for those who withdraw their assets, they just panic and it ends up being detrimental to themselves. The change in CEO will certainly make Binance different and this will be a challenge for the new CEO.

[poodle63]

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

Binance is screw and I feel, there is more to this show than is even reported in the news. Richard Teng was reported to be the formal head of Binance marketing. I really not sure how that guy was going to handle the affairs of Binance like CZ. I don't follow CZ  as usual  but I know the guy is very symbolic in the crypto market, his statement givea everyone in the crypto space confidence when they have zero hope but he is the type that always encourage, I am not sure if the new CEO has the mental strangth to do that.

Another red flag about this new CEO is that the US are going to be looking at everything he does from now on because they caught CZ red handed and was charge with $4b, now,imagine how much they can make from Binance if they dig more or when they found out that there staffs are doing somr bad things under the hood. It will makes me more scarred about the future of crypto and the crypto market.

well I guess CZ gonna be his advisor anyway nothing to worry in this case binance will still exists but whether it will decline we don't know for sure but we can see it just within months and see the trading volume and overall liquidity of the exchange itself.
when a exchange is declining it won't do much to the market of cryptocurrency, remember bittrex? you don't even realize its declining exchange even went bankrupt even though it was among the most prominent exchange back then but it does absolutely nothing towards the market, its only a collapse of exchange where it causes many people to lose money that causes uproar in the cryptocurrency market.
which unavoidably could make the trend changing bearish.

[EFS]

It will makes me more scarred about the future of crypto and the crypto market.

Don't worry too much about that. We saw downfall of too many leading exchanges and in the end nothing happened to Bitcoin.
Judging by the market's reaction, the change of CEO didn't affect the coins too much. Even BNB didn't fall too much. If such an event happened in the past, we would've seen a much bigger drop in the market. This actually shows that the crypto market has become more mature.

[asriloni]

I don’t really think it is good news as CZ was the face of the company and made one of the biggest exchanges in the world in just a couple of years. There are more and more countries taking actions against them and I withdraw all my money and crypto just to avoid that I would loose anything.

He has a serious problem against US regulartos and CZ has been also accepting his guilty. CZ is also potentially to be jailed and he has stepped down from CEO caused by he knew that if the downfall of binance will be making crypto market panic.
That's why he picks a new guy to become binance CEO. It's caused by CZ will be facing US regulartors for longterm. Even CZ has been prohibited to leave from US. UAE has been banning him too.

No reason for not to give CEO to the new employee. Binance has been facitilitating terrist and human trafficking a way to laundering thier money. It's fully explained that more than 100k non idenfitied transactions have been happening on binance.
CZ has admitted that his mistake and that's clear if he will be facing his sanction. I can't even imagine if binance will be go down like FTX.
There will be a massive dump to happen. This is also the reason why cz has sacrificed himself for the crypto.

NO doubt some called him as hero but he is also making mistake by facitilitating terorrism.

[DaNNy001]

It will makes me more scarred about the future of crypto and the crypto market.

Don't worry too much about that. We saw downfall of too many leading exchanges and in the end nothing happened to Bitcoin.
Judging by the market's reaction, the change of CEO didn't affect the coins too much. Even BNB didn't fall too much. If such an event happened in the past, we would've seen a much bigger drop in the market. This actually shows that the crypto market has become more mature.

That's true because the massive effect that I was expecting this case to pull on the crypto market has disappointed me and I believe that this is like you said maturity in the crypto market although investor still pulled out a whooping amount of their investment on the binance network but that's quite understandable as no one wants a situation of FTX to repeat itself. Binance is a really big firm and it's foundation is very solid and I think they can modify with this loss and move on to even make their service more better.

[Joseph-P]

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

Binance is screw and I feel, there is more to this show than is even reported in the news. Richard Teng was reported to be the formal head of Binance marketing. I really not sure how that guy was going to handle the affairs of Binance like CZ. I don't follow CZ  as usual  but I know the guy is very symbolic in the crypto market, his statement givea everyone in the crypto space confidence when they have zero hope but he is the type that always encourage, I am not sure if the new CEO has the mental strangth to do that.

Another red flag about this new CEO is that the US are going to be looking at everything he does from now on because they caught CZ red handed and was charge with $4b, now,imagine how much they can make from Binance if they dig more or when they found out that there staffs are doing somr bad things under the hood. It will makes me more scarred about the future of crypto and the crypto market.

I agree, there is definitely more to this case than meets the eye. Not fudding, but I never had any faith in the new CEO so I moved funds off the exchange soon as I heard CZ was leaving. Some might call it a cowardly move, but I'll call it smart since I'm now utilizing an exchange that has managed to steer clear of attention from the SEC or any other troublesome bodies taking out crypto exchanges. We might not realise it now, but BGB might just be able to pull off that "Binance Overtake" for no1 spot that's been talked about for years now.

[kawetsriyanto]

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.

Indeed. It is very surprising news, no one expects that CZ will resign from his position as Binance CEO. However, CZ may think it is the best solution to secure the existence of Binance exchange. CZ seems to plan facing the SEC lawsuit alone, without involving Binance too much. If his status is still Binance CEO, it may ruin the reputation of SEC and there are probably some other bad impacts in the future.

Richard Teng is the right person to be Binance CEO. He has great track record, he has done some good things for Binance development. However, we think deeply, it is about the status of Binance CEO only. The ownership of Binance exchange is still CZ, so everything should be still in CZ's control. I don't think it will be the beginning of Binance era.

[Anguwa]

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

At first, I thought it is CZ that owns the exchange Binance. Not until this sudden news of him dropping his position as the CEO.
So what is now the exact future of Binance exchange?
Will this new CEO continue from what CZ started or the new CEO will make his own ways to improve the exchange?

I am totally confused and I am not using the exchange again for now because I don’t normally like trusting them with my privacy because most exchanges promise to give us extra security when it comes privacy but they mostly go against their words which is why they lose their trust.

[makishart]

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

At first, I thought it is CZ that owns the exchange Binance. Not until this sudden news of him dropping his position as the CEO.
So what is now the exact future of Binance exchange?
Will this new CEO continue from what CZ started or the new CEO will make his own ways to improve the exchange?

I am totally confused and I am not using the exchange again for now because I don’t normally like trusting them with my privacy because most exchanges promise to give us extra security when it comes privacy but they mostly go against their words which is why they lose their trust.

He was owning it but he has also having CEO as his position in the company. He is still co founder even though he was not CEO anymore. Please try to take a look at his BIO on twitter. It will explain everything. CZ is still having the company even though he was not a CEO anymore. CZ will be back again once the time will have come. Cz will always be monitoring his company. You shall not even worry about that. CZ is fine and he will be back once he will be sorted out all of problems.

Nothing happend with the exchange site and it's still operating without any problem. US may be charged it with a very big sanction to pay around 4 billions fine for united stated but binance has agreed to do that.
CZ is also having his money ready on his pocket. He is now only fighting for himself. That's why he was leaving from binance as CEO caused by he didn't wanna see crypto market got hit so hard by this news.

[Mpamaegbu]

A company need to do replacement immediately once their former CEO got affected for many serious controversy so that it can't disrupt their operation and it continue to serve their clients who's still using their services.

Those who didn't respect CZ Binance before now should find this as a reason to respect his business acumen. By resigning immediately he was indicted by SEC for money laundering charges actually saved the day and that's why we haven't seen that expected dip in BNB or other associated projects to the Binance enterprise. The lack of this initiative was what aided the liquidation of Sam Ben Fried's FTX. If SBF had resigned immediately his saga came up, we can bet that FTX wouldn't have been washed up.

.
But I don't think CZ will totally go away with Binance since for sure they still have a control on developments of this exchange, Maybe he just decide to step out so he can focus to fight back the possible cases that might filled to him.

CZ mentioned it that he would be available for expert consultation if the Binance team needed him. He will still be there.

[God bless u]

A company need to do replacement immediately once their former CEO got affected for many serious controversy so that it can't disrupt their operation and it continue to serve their clients who's still using their services.

Those who didn't respect CZ Binance before now should find this as a reason to respect his business acumen. By resigning immediately he was indicted by SEC for money laundering charges actually saved the day and that's why we haven't seen that expected dip in BNB or other associated projects to the Binance enterprise. The lack of this initiative was what aided the liquidation of Sam Ben Fried's FTX. If SBF had resigned immediately his saga came up, we can bet that FTX wouldn't have been washed up.

I totally agree with you on this point. He tweeted after his resign that he resigning which is good for Binance, crypto and community.. He is very clever and experienced man. When he understands that SEC will not leave him and if issue continue then SEC will produce a big problem for the exchange then he sacrifices for to keep alive Binance exchange. Not only BNB I think he saved crypto dump which was possible in case of Binance stopping exchange service.

CZ mentioned it that he would be available for expert consultation if the Binance team needed him. He will still be there.

I think he will be now available on back door. He has still lot of secrets of Binance which he will use wisely. All Binance management will work under new CEO and new CEO will take advice of CEO and that's it and no need to come in front so far this problem not solved.

[Marvelman]

A company need to do replacement immediately once their former CEO got affected for many serious controversy so that it can't disrupt their operation and it continue to serve their clients who's still using their services.

Those who didn't respect CZ Binance before now should find this as a reason to respect his business acumen. By resigning immediately he was indicted by SEC for money laundering charges actually saved the day and that's why we haven't seen that expected dip in BNB or other associated projects to the Binance enterprise. The lack of this initiative was what aided the liquidation of Sam Ben Fried's FTX. If SBF had resigned immediately his saga came up, we can bet that FTX wouldn't have been washed up.

I agree. When CZ resigned right away, I figure he was trying to limit the harm to Binance and its stuff.  It seemed like the dude wanted to work things out with the SEC and keep his business going smooth and  BNB bouncing quick probably kept investors chill instead of everyone freaking out and taking their money elsewhere.  So props to CZ for reading the room and taking one for the team when the heat came down.

[martinex]

At first, I thought it is CZ that owns the exchange Binance. Not until this sudden news of him dropping his position as the CEO.
So what is now the exact future of Binance exchange?
Will this new CEO continue from what CZ started or the new CEO will make his own ways to improve the exchange?

I am totally confused and I am not using the exchange again for now because I don’t normally like trusting them with my privacy because most exchanges promise to give us extra security when it comes privacy but they mostly go against their words which is why they lose their trust.

It is indeed difficult to find the safest and most convenient exchange, but what else can we do if we need to deposit money into the exchange if we want to buy coins, for example BTC or want to trade.

Regarding the investor response, it has faded slightly due to Binance CEO Changpeng Zhao (CZ) stumbling over the case. But the Binance stock exchange is still active and carrying out activities as usual under the leadership of the new CEO.

[EarnOnVictor]

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 is unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Sorry, though I'm familiar with the post, I just saw this on the altcoin section. And a big congratulations to CEO Richard Teng, if CZ didn't believe he was too smart, he wouldn't find himself in this mess and another person would not have taken his responsibility and pride.

But I wonder why this is a shocking event to you and why you related it with the strength of Binance. It might be shocking news really but certainly not questioning the strength of Binance. This is financial misconduct and has nothing to do with the financial standing of the company. Fine, the reputation is at stake and a fine of $4.3B is big, yet it might be spread over a long duration of time. The insurance could also cover it as it's part of their responsibilities.

[m2017]

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

The face of the company has changed, this crypto platform as a corporation (for this exchange can already be called that due to their scale and influence) will continue to function. I am sure that this personnel change will not affect ordinary users of Binance. Moreover, we should not forget that CZ retains a controlling stake in this crypto exchange, which actually means the irremovability of the previous owner of the company. One should not be discouraged, I think that this was done deliberately and this is a strategically planned move. The final beneficiaries remain the same and only the cover of this company will be different. I am also sure that this will not affect the Binance’s subsequent “policy” and progress. The course of this exchange was set by CZ in advance, probably many years ago (any serious business plans strategic development for many years to come).

[redsun114]

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.

It's not the first one Binance got involved in a legal battle, and as usual, there will always be people who are in fear but later on that fear will only be replaced with confidence, when they see that Binance once again solved their issue and maybe that was the time CZ can return to his position. I wouldn't say that Binance is going to be the next FTX because their actions are not the same.

I think what FTX did was too brutal for them to collapse permanently. BNB may be affected in value and it will decline but we can use that moment to buy at a better rate. If we miss XRP, we shouldn't miss this one now, knowing that BNB was still better than XRP.

[cabron]

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.

It's not the first one Binance got involved in a legal battle, and as usual, there will always be people who are in fear but later on that fear will only be replaced with confidence, when they see that Binance once again solved their issue and maybe that was the time CZ can return to his position. I wouldn't say that Binance is going to be the next FTX because their actions are not the same.

I think what FTX did was too brutal for them to collapse permanently. BNB may be affected in value and it will decline but we can use that moment to buy at a better rate. If we miss XRP, we shouldn't miss this one now, knowing that BNB was still better than XRP.

AFAIK its just binance.us that is affected in this shitshow but all things are still going to be managed by CZ in the background. But sure this is regulatory capture for Binance and I guess he complies too.

Even if he pays 10B, CZ will still be able to pay them.  Surely there are users on binance.com that will not allow any government to takeover however CZ is suspected to be linked with the CCP too.

[mich]

The new CEO Richard Teng says Binance will now act different then when CZ was in charge. This means there will be a board of directors, physical address, and financial transparency.
These are all things that Binance never did have with CZ as the CEO. He says there is a 'robust timeline' in place for it to happen.
https://www.binance.com/en/feed/post/2023-11-27-richard-teng-transitioning-binance-into-a-conventional-financial-company-with-increased-regulation-and-transparency-612563312369

[mdzahed134]

I felt the same way when I saw this news on Twitter, he is a very influential figure in the development of Binance so that it has become one or perhaps the biggest number one in the world. I hope CZ's departure doesn't destroy Binance and the BNB network, it would be a shame if this happened like FTX and Luna. I hope a new leader means new ideas, I hope Binan is bigger than before lol because the proportion of my money is quite large in this coin

@CZ (Binance Former CEO) must have made the right decision by stepping down, it was very sad thing to him but he did for the goodness of the company. But i think new CEO is looking good experienced because he was also employee of this company and served many years from important position. Indeed, there are no chances to Binance will become Luna or FTX, because they're able to penalty of this big amount of money, so no way to it will bankruptcy.