Zhao Changpeng's "Resignation as Binance CEO" Open Letter Full Text: This is the best choice
I made a mistake, and I must take responsibility.Source: Zhao Changpeng
Translation: BlockBeats
Last night and this morning, Binance announced a resolution with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network regarding historical registration, compliance, and sanctions issues. According to informed sources, Binance will pay over $4 billion in fines, which includes $3.4 billion from the U.S. Treasury's FINCEN (Financial Crimes Enforcement Network) and $968 million from OFAC (Office of Foreign Assets Control), totaling $4.368 billion. Meanwhile, Bloomberg reported that CZ has appeared in a Seattle court. It is reported that CZ faces a maximum of 10 years in prison, but under a plea agreement, the sentence is expected to be no more than 18 months. The U.S. Department of Justice has not made a final decision on his prison term, and the defense attorney stated in court that sentencing will be delayed for 6 months. CZ issued an open letter on social media at the first opportunity, which BlockBeats translates as follows.
Today, I have resigned as CEO of Binance. Indeed, letting go emotionally is not easy. But I know this is the best choice; I made mistakes, and I must take responsibility. This is the best for our community, Binance, and myself. Binance is no longer a baby. It is time for me to let it go and run. I know Binance will continue to grow and stand out with its strong backing. I am pleased to announce that our current Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO of Binance today.
Teng is a highly qualified leader with over thirty years of experience in financial services and regulation, and he will lead the company through its next growth phase. He will ensure that Binance achieves the next stage of security, transparency, compliance, and growth. Before joining Binance, Richard served as the CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority; Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore. Together with Richard and the entire team, I believe the best days for Binance and the crypto industry are ahead.
As a shareholder and former CEO with an understanding of our company's history, I will be available to provide necessary advice to the team as needed, based on the framework outlined in our U.S. agency resolution.
What will I do next? I will take a break. I haven't truly rested for a single day in the past six and a half years (turning off my phone). After that, my current thought is that I might engage in some passive investments, becoming a minority token holder or shareholder in startups in the blockchain/Web3/DeFi, artificial intelligence, and biotechnology sectors.
I am excited that I finally have more time to explore DeFi. I can't imagine being a CEO again to drive a startup's growth. I am content to be a one-time (lucky) entrepreneur. If there are listeners, I might be willing to privately coach/mentor a few upcoming entrepreneurs. If nothing else, I can at least tell them what not to do.
At this point, I am proud to point out that in our resolution with U.S. agencies, they:
Did not accuse Binance of misappropriating any user funds,
Did not accuse Binance of engaging in any market manipulation.
Funds are safe.
Therefore, I look forward to seeing the new leadership take office. Please join me in congratulating Teng on his well-deserved promotion.
Onward!
CZ
