Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.
Iโm pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
With Richard and the entire team, Iโm confident that the best days for @Binance and the crypto industry lay ahead.
As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.
Whatโs next for me?
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.
I canโt see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.
On that note, I am proud to point out that in our resolutions with the U.S. agencies they:
- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.
Funds are SAFU!
With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.
Onwards!
CZ
Why #Uptober ๐ง
๐ Historically, this month brings crypto spikes and it has become quite a pattern in recent years.
๐October 2021 was a legendary month of a bull market as we all witnessed #BTC reached 66k shortly afterward
๐October 2022: the market was not bulling, but let's be real, which market bulled in 2022? Nothing
What about #October 2023? Is it gonna be another #Uptober ? Is #BTC and other #altcoins booming?
What's your guess?
Why #Uptober ๐ง
๐ Historically, this month brings crypto spikes and it has become quite a pattern in recent years.
๐October 2021 was a legendary month of a bull market as we all witnessed #BTC reached 66k shortly afterward
๐งThat said, caution is paramount. If your portfolio is heavily tied to assets in FTX's portfolio, risk management is key. Stay alert and closely monitor the news.
#FTX has submitted an application to seek approval to liquidate its $3.4 billion crypto assets on the verge of bankruptcy. This action has cast a shadow over the community, as with $3.4B worth of crypto being liquidated, it could send the entire market to the dungeon
Remember, relatively similar situations have occurred in the past. A dump can also present opportunities for investors to buy assets at even lower prices ๐ Time to #DCA maybe?