The former CEO of Binance, Changpeng “CZ” Zhao, has resigned from his position after pleading guilty to violating anti-money laundering laws. In a letter circulated on social media, CZ expressed his pride in his team’s work and assured that Binance will be fine, although restructuring may be on the horizon. He quoted Star Trek and urged his colleagues to continue performing admirably. CZ introduced Richard Teng as the new CEO and announced his intention to hand over the reins during an upcoming town hall. Teng, previously responsible for regional markets outside the United States, was praised by CZ as a highly qualified leader. CZ will pay a $175 million bail and return to the United States before his sentencing in February 2023. He also posted $15 million in a trust account, which will be forfeited if he fails to comply with bond conditions. Binance reached a $4.3 billion settlement and plea deal with the U.S., resolving various civil and criminal investigations.

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Information	Details
Geography	Middle East
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Richard Teng, Changpeng Zhao
Companies	Star Trek, Binance, United States
Currencies	None
Securities	None