👤 Binance founder Changpeng Zhao confirmed his departure as CEO of the world's largest cryptocurrency exchange. Despite the announcement of his successor, investors holding BNB coins took a series of initial bearish steps in response to CZ's departure.

📢 On Tuesday, November 21, the U.S. Department of Justice reported that Binance CEO Changpeng Zhao (CZ) had agreed to resign. Several hours later, CZ confirmed on Twitter that he intends to "take responsibility" by stepping down as CEO of the world's largest cryptocurrency exchange by trading volume.

🤯 The shocking statement was part of a $4.3 billion settlement with the U.S. Securities and Exchange Commission (SEC), in which Binance admitted to being used "to funnel money to HAMAS."

🌐 Meanwhile, CZ's successor was announced as Richard Teng, who was appointed to oversee Binance's regional markets outside the United States in June.

🔝 "It is a tremendous honor and with the deepest humility to assume the role of the new CEO of Binance. We manage the world's largest cryptocurrency exchange by volume. The trust placed in us by our 150 million users and thousands of employees is a responsibility I take seriously," said Teng.

Teng's rich experience in key regulatory and compliance areas stands out. Prior to leading the Financial Services Regulatory Authority in Abu Dhabi Global Market (ADGM), he was the Chief Regulatory Officer of the Singapore Exchange (SGX). He also spent 13 years at the Monetary Authority of Singapore (MAS).

💸 Trades worth over $3 million were liquidated within an hour.

📅 In 2023, Binance became the subject of numerous disputes with regulatory authorities. The latest dispute triggered a sharp bearish reaction among crypto investors trading BNB, the native coin of the Binance ecosystem.