Binance's CZ: 'I Made Mistakes', Confirms Richard Teng Will Takeover as CEO

Binance founder Changpeng Zhao (aka "CZ") has officially resigned as CEO of Binance, he said in a tweet Tuesday, as the United States Department of Justice announced charges against Zhao and the exchange.

"I made mistakes, and I must take responsibility," Zhao wrote. "This is best for our community, for Binance, and for myself."

Zhao tweeted that Richard Teng, previously Binance's Global Head of Regional Markets, will take over as CEO. Teng joined Binance in 2021 as its Singapore CEO, and was named to his current role this past May.

"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," Zhao tweeted. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth."

Zhao resigned from his role as part of a settlement agreement with the U.S. Department of Justice, and is barred from being an executive with Binance for at least three years after an independent monitor is appointed. He still is the majority owner of Binance, however, but the exchange will continue operating outside of the United States.

In the tweet, Zhao said that he plans to take a break before pursuing other interests around the crypto and tech industries.

"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," he wrote. "I am happy that I will finally have more time to spend looking at DeFi."

"I can’t see myself being a CEO driving a startup again," Zhao continued. "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."

Editor's note: This story was updated after publication with additional details.