New Binance CEO Richard Teng emphasizes the continuity of the leadership team following the Department of Justice settlement, ensuring operational stability amid legal challenges.
Despite Changpeng Zhao’s earlier resignation as president of Binance.US, newly appointed Binance CEO Richard Teng is reluctant to change the exchange’s executive leadership team. This statement comes amid Bloomberg inquiries into the role of Yi He, a senior executive and partner at Binance. Yi He previously had a relationship with Zhao and also has two children with the former CEO.
Teng’s appointment and the settlement are part of the fallout from the US Department of Justice (DOJ) settlement, which stipulates Zhao’s formal separation from Binance operations for three years. Zhao also faces a possible prison sentence of up to 18 months.
Zhao, although leaving his active position, continues to have important shares in the company. Binance has seen several high-profile departures this year, including its head and UK counter-terrorism advisor. Despite these challenges, Teng reported that the company’s financial health remains strong, highlighting its strong revenue and earnings and a debt-free capital structure.
The leading crypto exchange is not out of legal scrutiny yet as it still faces litigation from the SEC. Under the terms of the Justice Department deal, Binance must submit regular reports to the US government and submit to oversight by an independent compliance body for the next three years.
