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Richard Teng: CZ is irreplaceable; Binance now led by 7-member board

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Richard Teng states that CZ is irreplaceable and announces that all Binance decisions are now made by a 7-member board of directors.

In a recent Bankless podcast, Binance CEO Richard Teng underscored the irreplaceable role of his predecessor, Changpeng Zhao (CZ). “No one can replace CZ,” Teng asserted. “I am not here to replace CZ.”

He also described CZ as a “global leader, a visionary, and so unique,” highlighting CZ’s distinctive ability to foresee and shape the future of the cryptocurrency industry. CZ’s role has been pivotal to Binance’s success. 

Teng noted that CZ brought Binance from zero to what it is today, revealing his critical role in transforming Binance from a startup into a leading global cryptocurrency exchange. He said the former CEO had built the foundation for Binance to build on going forward. 

CZ announced his resignation in a post on X on November 21, 2023, stating that it was not an easy decision emotionally, but he knew it was the right thing to do. He acknowledged making mistakes and taking responsibility for them. He added that the change is best for Binance’s community.

Zhao was replaced as Binance’s new CEO by Richard Teng, who previously served as Binance’s Global Head of Regional Markets. Teng has over thirty years of experience in the financial services industry and regulatory roles, including positions at the Abu Dhabi Global Market (ADGM), the Singapore Exchange (SGX), and the Monetary Authority of Singapore.

The future of Binance and the industry

On the podcast, the CEO highlighted the significant transformations Binance has undergone since its inception. He noted that compliance and regulatory measures have become much more stringent compared to the company’s early days, acknowledging the many changes over time.

He also revealed that Binance’s corporate structure has evolved. While CZ once made decisions as the sole CEO, a seven-member board of directors now governs the company’s direction.

Teng mentioned that the crypto industry is still in its early stages, with only about five to seven percent of the global population accessing crypto. This indicates significant potential for growth. He highlighted the recent trend of ETF approvals in the US and other countries like Hong Kong, demonstrating a growing demand for digital assets.

He added that Binance will continue to focus on developing better products to serve its customers and improve its operations.

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