Binance’s Changpeng Zhao says he ‘will survive’ in internal memo
The founder of the largest cryptocurrency exchange Binance, Changpeng Zhao, published an internal letter to company employees on Nov. 21.
The Binance CEO’s swan song comes after a landmark decision by the U.S. Department of Justice that will see the company pay a $4.3 billion fine and the replacement of the crypto exchange’s erudite founder.
In his address, Zhao cited a quote from the movie Star Trek, noting that “I will have to deal with some pain, but will survive.” He also asked the company employees to “continue performing admirably.”
Zhao also admitted that he had a difficult day due to jet lag and an inability to use his phone since he spent the entire day in court.
At the same time, he promised that everything would be fine with Binance, with Zhao admitting that he needed a break anyway.
As part of a landmark settlement with the US Department of Justice on Nov. 21, Zhao is prohibited from holding a leadership position at Binance for at least three years after the appointment of an independent monitor. However, he is still the majority owner of Binance.
As per the settlement, Richard Teng will replace Zhao as CEO. Teng joined Binance in 2021 as CEO in Singapore and was promoted to his current role as Head of Regional Markets in May of this year.
