Founder-CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao has stepped down from his role after pleading guilty to breaking US anti-money laundering laws. As part of the deal, Zhao is not allowed to take on a management position in the company for the next three years, as per reports.

Thus, in his announcement on social media site X, formerly Twitter, Zhao announced that Richard Teng, Binance's global head of regional markets, will take over as CEO.

"I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao wrote.

post on X.

Who is Richard Teng?

A long-time executive of Binance, Teng was promoted to global head of regional markets earlier this year.

As per Zhao's tweet, prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

"With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead," Zhao said.

"I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion," he added in another post.

Leadership from Teng

In his own post on X, Teng said he has stepped into the role of Binance CEO with "honour and deepest humility".

"We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money," Teng said.

He also sought to assure those shaken by the crypto sector crisis, adding "The foundation on which Binance stands today is stronger than ever. To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team."

Also Read: 'I made mistakes..,’ CEO Changpeng Zhao resigns after pleading guilty to money laundering violations, terror connections

"My focus will be on 1) reassuring users that they can remain confident in the financial strength, security, and safety of the company; 2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections; and 3) working with partners to drive growth and adoption of Web3," Teng outlined.

What about Zhao?

In his post about Teng's appointment, Zhao said he would "remain available as a shareholder and former CEO with historical knowledge" of the company; and would "consult when needed, consistent with the framework set out in our US agency resolutions".

In another post addressing today's events on X, Zhao wrote, "What’s next for me? I will take a break first. I have not had a single day of areal (phone off) break for the last 6 and a half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI, and biotech. I am happy that I will finally have more time to spend looking at DeFi."

Also Read | Binance lays off over 1,000 employees, including 36 in India- Report

On founding another venture he said, "I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do."