Former Binance CEO Changpeng “CZ” Zhao stepped down from the role on Nov. 21 after pleading guilty to violating Anti-Money Laundering laws. He then issued a statement via a messaging platform to the company.
CZ’s letter began circulating on social media on Nov. 22. In the letter, CZ praised the Binance team, saying he is “proud” of their work “today, in the past, and into the future.” He also said, “Binance will be fine,” but hinted at restructuring.
Exclusive: Binance founder Zhao Changpeng CZ issued an internal letter saying “I will have to deal with some pain, but will survive”, quoting Star Trek (2009) , “l need everyone to continue performing admirably”. pic.twitter.com/m9w4hywIPm
— Wu Blockchain (@WuBlockchain) November 22, 2023
CZ also threw in a quote from the famous science-fiction series Star Trek, saying:
“l need everyone to continue performing admirably.”
He also asked his “Binancians” to welcome and help new CEO Richard Teng, saying he would make an appearance at the upcoming town hall, during which he will hand it off to Teng.
Teng was formerly the head of regional markets outside the United States at Binance. As previously reported, CZ commented that Teng is a “highly qualified leader” and will help the company through the next period of growth.
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CZ will now pay a bail of $175 million and has agreed to return to the U.S. two weeks before his sentencing on Feb. 23, 2023. This could allow him to return to Dubai, where he resides.
The former Binance CEO also posted $15 million in a separate trust account, agreeing to forfeit the funds if he fails to adhere to his bond conditions.
The U.S. made a deal with Binance for a $4.3 billion settlement and plea deal with CZ, which concluded a number of the civil and criminal investigations that have embattled the exchange over the last year.
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