So we got new CEO of Binance - page 5.

JeffBrad12

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Quote from: batang_bitcoin on November 22, 2023, 03:52:22 PM

New leadership means new beginning. So, it is possible that there can be some changes might happen in terms of managing Binance entirely. The new CEO has got the regional experience so I think that's a plus and why he was chosen as the new one.
I guess that CZ will remain forever as part of Binance but on this case, his name won't be on it in the organizational chart but he can still be an adviser to them and decisions could still be depending on his opinion that might be considered by Teng and the boards.

I wonder if he actually instead gonna be joining board of advisor, regardless though binance should just accept their punishment, it seemed in the future binance will not gonna ever trying to open services in the US anymore I guess considering how bad their punishments are. the changing of CEO will do absolutely nothing.
right now so many people has withdrawn their money from binance because of this, which also unavoidably affect the price of many entities related to binance.
but honestly, I wonder whats the future gonna be with binance, will they face anymore problem, or would they learn from this in the future, since it seems like if they can't step into the US market, they'd definitely trying to focus on some other country instead.

Wexnident

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I don't really think it's anything big. Binance was pretty much pressured to drop him so that the SEC would get their eyes off of them but it doesn't mean CZ lost all his power. Pretty sure he still holds a fair share of Binance itself so in terms of swaying decision-making, pretty sure he's still there. Probably a lot less involved, but will still be part of the big picture.

Quote from: cryptoaddictchie on November 22, 2023, 10:36:44 AM

Quote from: bittraffic on November 22, 2023, 09:25:44 AM

But is it true that he will not only be a CEO for Binance in 3 years and after that, he can come back again as CEO?

Where did you find this statement? I think theres no deal like that cause if its the case then its just like Teng act as a dummy while CZ is in heavy situation. For me, the stepping down is a good move if their CEO is involved in this kind of scandal or lawsuit. Well CZ realize that it will bring more down to the platform and realized to do this. I mean nothings change since CZ would still support them.

I think it came from this? (Quick google). I don't think it includes anything to him coming back as CEO though.

Quote

Details: CZ agreed to pay $50 million in fines that will be credited to the CFTC, related to the resolution of that suit.

He is also prohibited from operating or managing the business for 3 years.
Binance will also plead guilty to a criminal charge related to knowingly violating the Bank Secrecy Act, and will pay more than $4.3 billion as part of the settlement agreement — including the largest penalty in U.S. Treasury history.

Source: https://www.axios.com/2023/11/21/binance-cz-step-down-settlement-doj

AmoreJaz

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Quote from: wheelz1200 on November 22, 2023, 06:05:27 PM

It's not really shocking, almost nearly all CEX's have had their legal or hacking issues. Crypto is a breeding ground for scammers and the easiest place to do it or attack is at the exchanges. Who knows how this all plays out but I wouldn't be keeping much money locked up on that exchange for awhile.

also, stepping down doesn't mean CZ has nothing to do anymore with binance. for sure, he's only at the background continue doing his business, away from the prying eyes of authorities. i believe that's one arrangement also with SEC.
this may come as a shock to some, but i guess, this situation is much better rather than shutting down the platform itself. also, storing funds in third party sites is actually not advisable.

wheelz1200

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It's not really shocking, almost nearly all CEX's have had their legal or hacking issues. Crypto is a breeding ground for scammers and the easiest place to do it or attack is at the exchanges. Who knows how this all plays out but I wouldn't be keeping much money locked up on that exchange for awhile.

oktana

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Quote from: ultrloa on November 22, 2023, 01:52:28 AM

Quote from: Andrija Branislav on November 22, 2023, 01:33:55 AM

My view if Changing positions may be a normal thing in a large company for improvement and future performance, but if that happens until CZ resigns, it would be sad and have an impact on the exchange's reputation as well, but what concerns us is that many people lack information regarding the nature of the SEC claim and the resolution. achieved.

A company need to do replacement immediately once their former CEO got affected for many serious controversy so that it can't disrupt their operation and it continue to serve their clients who's still using their services.

But I don't think CZ will totally go away with Binance since for sure they still have a control on developments of this exchange, Maybe he just decide to step out so he can focus to fight back the possible cases that might filled to him.

For now we don't see any huge effect on the market but let see if there are more development of his case and what action will be taken by government against cz. For now we don't need to worry about binance since they are running fine and already place a news CEO that handle their business, but let see if they can still provide the same quality service and will not became a shitty exchange.

Well, he clearly stated in his tweet that he was leaving Binance but would be available for consultation if need be. However, I really think that he is leaving because he made a statement about how he hasn't had an actual day off in the past 6 years (this is unimaginable), and that he will be doing some passive investment. In his words he said:
"I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

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

You can read his tweet here.

danherbias07

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CZ may have stepped down but I don't he will be gone in the vicinity of Binance. He will be there I am sure of that behind the curtains, using his remaining power to make Binance better. What he did here may actually be the best way to stop all the attacks on him. Change the face of Binance so that all these SEC problems and other stuff will calm down and maybe one day it will also stop once the power is transferred to someone else.
He has been the face of Binance for a very long time and I don't we and other traders could ever forget that. Somewhere in a year or two when asked about Binance, he will still be the image that we will see because that is what we get used to.
$50 million fine, damn! That dude made a lot of money and I don't think he will just easily let go of that business.

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Quote from: batang_bitcoin on November 22, 2023, 03:52:22 PM

New leadership means new beginning. So, it is possible that there can be some changes might happen in terms of managing Binance entirely. The new CEO has got the regional experience so I think that's a plus and why he was chosen as the new one.
I guess that CZ will remain forever as part of Binance but on this case, his name won't be on it in the organizational chart but he can still be an adviser to them and decisions could still be depending on his opinion that might be considered by Teng and the boards.

These are influential men in the system, any little mistakes these men are top targets as prey by their enemies, and they can't be changed with the slightest strategy but can be changed with significant transformationm. Firstly, I was scared about the change of power of Binance, though everything working perfectly smoothly for the team, the new CEO will enchance. The former CEO binance, Changpeng Zhao have withdraw from the race of hardwork, why give up now? Perhapes he's been charged for sort form or money laundering, though the whole scenario have not been clear to me.

Johnyz

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Heard the news and totally watching the market reacts to this, as usual a FUD is going on and we’ve seen a big decline with the price of BNB already, I think this can be a good opportunity to those who are looking for the opportunity to buy. Binance will still continue their business though with a new CEO and he’s a good one as well, I’m sure Binance can survive this and I’m still confident that they will remain the top crypto exchange that prefer by many especially now that they can get access again in the US market as they settle it.

Bitstar_coin

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Quote from: goaldigger on November 22, 2023, 04:33:41 PM

This could be a big tragic for Binance, losing their founder and CEO was such a big loss aside from paying the billion settlement of course. Maybe this is the best move for Binance as they continue to follow the regulation and stay in business. The good news here is that, they are not totally leaving the market, they are just rehabilitating their platform in line to the regulations so they can continue their good platform, let’s be more positive and of course buy the fud.

There is nothing tragic about CZ stepping down as the CEO of binance and letting someone else taking the reign of leadership. Besides the constant pressure from the SEC binance becomes target of all SBF supporters. Although one thing has nothing to do with the other, this must be a decision that has been well thought out.

Binance is like a child which cz has nurtured to maturity and letting go most have been very difficult for him.
Even though cz is not directly the ceo he will still plays a vital role in making decisions about binance future. He can not watch his legacy and hard work to go down.

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This change in the company hierarchy I believe this new change is going to effect binance more positively and just as CZ mentioned that the new CEO is vast in financial knowledge and hard long-term of experience and hasn't worked on several international and national financial institutions and has been an active board member at Binance before the recent upgrade to the rank of COE which I am sure is for the good of Binance and their customers, a lot is expected to change and for me personally, I see this development as a welcome development at least this has changed CZ from being the face of the company which has been what it is for a long while now before this recent development.

goaldigger

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This could be a big tragic for Binance, losing their founder and CEO was such a big loss aside from paying the billion settlement of course. Maybe this is the best move for Binance as they continue to follow the regulation and stay in business. The good news here is that, they are not totally leaving the market, they are just rehabilitating their platform in line to the regulations so they can continue their good platform, let’s be more positive and of course buy the fud.

batang_bitcoin

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New leadership means new beginning. So, it is possible that there can be some changes might happen in terms of managing Binance entirely. The new CEO has got the regional experience so I think that's a plus and why he was chosen as the new one.
I guess that CZ will remain forever as part of Binance but on this case, his name won't be on it in the organizational chart but he can still be an adviser to them and decisions could still be depending on his opinion that might be considered by Teng and the boards.

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Quote from: bittraffic on November 22, 2023, 09:25:44 AM

But is it true that he will not only be a CEO for Binance in 3 years and after that, he can come back again as CEO?

It was said that this is part of the deal and binance.us will still be able to continue to operate even his admission to this money laundering. There certainly is something behind this dealing but I guess SEC had claimed the binance.us which CZ will also have to give up this platform to continue operating with his binance.com

This will probably be the end of the road for CZ as the CEO of Binance. I know he would still be involved in the background but certainly not in the highest spotlight which was his previous role. Binance might create a whole new product or service in the near future and he might head it or if they have an active board then he can be like the Chiarman of the board when the dust settles because it's very rare to see coFounders completely part ways with their brain child when they were not completely bought out and AFAIK, CZ should be one of the biggest holder of BNB.

BitcoinPanther

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I think this is a strategic restructuring of the management people of Binance in order to not get fully affected by the regulatory action against CZ. It is also a timely change of CEO as regulatory board is continuously pressuring their previous CEO CZ about the illegal stuff Binance is accused of.

I think this is just a stage change of leadership and CZ still holds the command over Binance. Let us just wait when all is clear for Binance and CZ.

Mate2237

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This is a sad news because Cz has really work hard to make sure that Binance should be one of the best exchange in the cryptocurrency ecosystem worldwide and he has done his best for that. One thing I am thinking is that since the government and it agencies could not control bitcoin, they want to deal with the Centralized Exchange Platforms to crumble bitcoin but the matter what they try they can stop bitcoin again. Bitcoin has gone far for them to tackle it.

This attacks of the exchanges will increase the uses of p2p effectively. Once peer to peer becomes effective more than the way it is then the fight will be very hard for them. All what I pray is let the new CEO also have the vision of the former CEO

Publictalk792

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Yes really This morning it was a big surprise when CZ stepped down as the CEO of Binance. Many people really surprised by this news especially because CZ definitely has made Binance a very successful platform. And of course It will be interesting to see that how the new CEO will continue Binance in this new time.
By the way this is not a new thing. Whenever a company think this person is not good for the company they ask for resignation of this person.
Mostly the big companies do this. Again CZ do his in his career to make the Binance the best. And he done it. I am thinking that what kind of new things we will see in future by new CEO. By the way let's see what will happen?

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Quote from: cryptoaddictchie on November 21, 2023, 10:24:20 PM

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Check the Binance announcement for complete story.

https://www.binance.com/en/blog/leadership/binance-announcement-reaching-resolution-with-us-regulators-2904832835382364558

Certainly, it was very shocking news for crypto industry, and could have triggered panic selling across entire cryptocurrencies markets. Thankfully the worst case scenario didn't materialize. Bitcoin price dropped to $35,000 but soon it recovered and now trading around $36,500. I am pretty sure Binance will survive this crisis and continue playing its leading role in crypto arena for innovative work and providing its excellent services for customers.

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Quote from: Tipstar on November 22, 2023, 08:46:13 AM

Quote from: Andrija Branislav on November 22, 2023, 01:33:55 AM

My view if Changing positions may be a normal thing in a large company for improvement and future performance, but if that happens until CZ resigns, it would be sad and have an impact on the exchange's reputation as well, but what concerns us is that many people lack information regarding the nature of the SEC claim and the resolution. achieved.

Yeah this is a strategic move by binance. No large company is lead by a single person but Changpeng Zhao was the front face for binance. As the SEC got involved in the running of not only the Binance US but the overall corp, they needed some scapegoat to go clean.
Normally we say SEC put some conditions which the binance complied which included the resignation of CZ. But it reality SEC is a corrupt institution that extorts and just wanted money from Binance and put up the resignation as face saving. CZ could still be involved in binance and can't rule out them selling their share of BNB to get out of this headache.

Well if the resignation of CZ would guarantee continuity and protect Binance.Us by SEC let it be, Binance had grown to become one of the best exchange and with the accusation and allegations against CZ in money Laundering I supported his fine and subsequent resignation to avoid those touching stories of clamp down of the exchange, I hope the taken over of Binance.US by SEC would guarantee smooth operation and running of the exchange and I am convinced SEC wouldn't tolerate any sort of money laundering especially by terrorists, meanwhile another issue is whether CZ would retain his share of BNB or sell it because it was allegedly violated some law during their ICO.

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Quote from: cryptoaddictchie on November 21, 2023, 10:24:20 PM

What a shocking event this morning when CZ resigned as CEO and replaced by Richard Teng as the new CEO. With the SEC plead guilty issue of CZ. Well this si unexpected news knowing CZ built the Binance so strong. Anyway with the new CEO possible new eras and new beggining for Binance.

Check the Binance announcement for complete story.

https://www.binance.com/en/blog/leadership/binance-announcement-reaching-resolution-with-us-regulators-2904832835382364558

This is an act from CZ to save Binance from SEC filings in the future so this won't make any change in the system anyway but I am kind of worried about how the future of the exchange will turn into cause already Binance charged $4.3 billion penalty along with $50 Million for CZ and I don't think the SEC will stop their charges just with this.

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Quote from: bittraffic on November 22, 2023, 09:25:44 AM

But is it true that he will not only be a CEO for Binance in 3 years and after that, he can come back again as CEO?

Where did you find this statement? I think theres no deal like that cause if its the case then its just like Teng act as a dummy while CZ is in heavy situation. For me, the stepping down is a good move if their CEO is involved in this kind of scandal or lawsuit. Well CZ realize that it will bring more down to the platform and realized to do this. I mean nothings change since CZ would still support them.

Topic: So we got new CEO of Binance - page 5. (Read 812 times)