Freshly appointed Binance CEO Richard Teng indicated this week that the leadership team remains stable following co-founder Changpeng Zhao’s forced resignation as part of a $4 billion-plus settlement with U.S. authorities.
In his first interview since assuming the helm, Teng stated, “Our core team remains intact,” affirming key personnel will stay in place for now. That includes prominent executive Yi He, who partners with Zhao and serves as a founding force behind Binance.
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Teng took over Binance after CZ stepped down
Teng, 53, took over after Zhao was compelled to step down as CEO to conclude lengthy Justice Department investigations into Binance’s anti-money laundering procedures and sanctions violations.
Announcing the settlement on November 21st, regulators also barred Zhao from any Binance leadership role for three years as part of concessions made to avoid criminal charges. He may additionally face up to 18 months of jail time pending an expected guilty plea.
Now charged with moving Binance forward, Teng declined to outline specific plans to formally establish a corporate headquarters or appoint a board of directors. He stated that further governance announcements will come later as the process unfolds.
Despite recent scandals plaguing crypto, Teng cited ongoing strong financial figures for Binance, albeit without providing specifics. He similarly avoided committing to a timeline for hiring an external auditor, another regulatory expectation for enhanced transparency.