CZ addressed his 8.7 million followers on X to announce his resignation as CEO of Binance. He opened his statement with:<\/p>\n
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\u201cToday, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.\u201d<\/em><\/p>\n After the announcement, diverse sentiments swept through the crypto community. Some individuals were surprised and worried, while others commended CZ for assuming responsibility and placing the community’s needs at the forefront.<\/p>\n Ki Young Ju, CEO of the South Korean on-chain analytics platform CryptoQuant, lauded Zhao as an entrepreneur, acknowledging his pivotal role in accelerating global cryptocurrency adoption. According to Ju, CZ’s initiatives significantly contributed to encouraging people to purchase Bitcoin and other digital currencies. He finished his post with:<\/p>\n \u201cHope he can get some rest and gear up for a new leap.<\/em>\u201d<\/p>\n Aaron and Austin, the hosts of the Altcoin Daily YouTube channel, praised CZ’s actions, deeming them heroic and commendable. They shared on X that:<\/p>\n \u201cCZ tried to save people from FTX and even helped bring SBF to justice. He is now sacrificing himself to save Binance crypto exchange and probably the whole bitcoin bull run. The man is a hero.\u201d<\/em><\/p>\n Lady of Crypto shared thoughts with her 427,700 followers, highlighting CZ’s positive contributions to the industry despite the recent developments:<\/p>\n \u201cBut as far as actions go, CZ has been a net positive for crypto adoption and recognition. We would not be where we are without him. So for that, I am eternally grateful to the guy and I\u2019m sad to see him go.\u201d<\/em><\/p>\n Justin Sun, owner of crypto exchange Poloniex, expressed his feelings to his 3.4 million followers, highlighting CZ’s pivotal role in leading the community and the industry for nearly a decade.<\/p>\n \u201cOver the past six years, you founded Binance, taking the industry to unprecedented heights. Without you, the cryptocurrency industry wouldn’t have reached the heights it has today.\u201c<\/em><\/p>\n Changpeng Zhao announced on X that Richard Teng, formerly the Global Head of Regional Markets, will take over as Binance’s new CEO.<\/p>\n Teng expressed dedication, aiming to ensure user confidence and regulatory compliance and foster Web3 growth. He emphasized commitment to the exchange’s users and the team, striving for financial strength and innovation.<\/p>\n Previously CEO of Abu Dhabi Global Market’s Financial Services Regulatory Authority, Teng brings a solid regulatory background to Binance. He holds a Distinction in Applied Finance from the University of Western Australia and a First Class Bachelor of Accountancy from Nanyang Technological University.<\/p>\n Notable roles include Chief Regulatory Officer at the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore.<\/p>\nRichard Teng Replaces CZ as New Binance CEO<\/strong><\/h2>\n