New Binance CEO reluctant towards senior leadership changes

Binance’s new CEO, Richard Teng, emphasizes the leadership team’s continuity following the DOJ settlement, ensuring operational stability amid legal challenges.

Despite the earlier resignation of Changpeng Zhao as chair of Binance.US, the newly appointed Binance CEO, Richard Teng, is reluctant to change the exchange’s executive leadership team. This statement comes amid Bloomberg’s inquiries about the role of Yi He, a senior executive and partner at Binance. Yi He previously had a relationship with Zhao and also has two children with the former CEO. 

Teng’s appointment and the settlement are part of the fallout from the U.S. Department of Justice (DOJ) agreement, which stipulates Zhao’s formal disengagement from Binance’s operations for three years. Zhao is also facing a potential prison term of up to 18 months.

Zhao, while stepping down from an active role, continues to hold significant shares in the company. Binance has experienced several high-profile exits this year, including its UK chief and counter terrorism advisor. Despite these challenges, Teng reported that the company’s financial health remains strong, noting its robust revenues and profits and a debt-free capital structure.

The leading crypto exchange isn’t out of legal scrutiny yet, as it still faces litigation from the SEC. As per the DOJ settlement conditions, Binance is required to submit regular reports to the US government and undergo monitoring by an independent compliance body for the next three years.