Full text of CZ's open letter: This is the best choice.

23-11-22 07:44

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Last night and this morning, Binance announced a resolution with the US Department of Justice, Commodity Futures Trading Commission, Office of Foreign Assets Control, and Financial Crimes Enforcement Network regarding historical registration, compliance, and sanctions issues. According to sources, Binance will pay over $4 billion in fines, including $3.4 billion from the Financial Crimes Enforcement Network (FINCEN) and $968 million from the Office of Foreign Assets Control (OFAC) (totaling $4.368 billion). Meanwhile, Bloomberg reported that CZ has appeared in a Seattle court. It is reported that CZ faces a maximum of 10 years in prison, but according to a plea agreement, the expected sentence will not exceed 18 months. The US Department of Justice has not made a final decision on his sentence length, and defense lawyers said in court that the sentencing will be postponed for 6 months. CZ published an open letter on social media for the first time, and the following is the translation by BlockBeats.

Today, I resigned from the position of CEO of Binance. Undoubtedly, it is not easy to let go emotionally. But I know this is the best choice, I made a mistake and I must take responsibility. This is the best for our community, Binance, and myself. Binance is no longer a baby. It is time for me to make it walk and run. I know that Binance will continue to grow and stand out with its strong backup. I am pleased to announce that our current former regional market global head, Richard Teng, has been appointed as the new CEO of Binance today.

Teng is a highly qualified leader with over thirty years of experience in financial services and regulation. He will lead the company through the next period of growth, ensuring Binance achieves the next level of security, transparency, compliance, and growth. Prior to joining Binance, Richard served as the CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Chief Regulatory Officer of Singapore Exchange (SGX), and Chief Financial Officer of Enterprise Finance at the Monetary Authority of Singapore. Together with Richard and the entire team, I believe the best days for Binance and the cryptocurrency industry are ahead.

As a shareholder and former CEO who has knowledge of our company's history, I will provide necessary consultation to the team at any time according to the framework specified in our US institutional resolution.

What am I going to do next? I'm going to take a break first. In the past six and a half years, I haven't had a real break for a day (hang up the phone). After that, my current idea is that I may engage in some passive investments and become a minority token holder or shareholder of start-ups in the blockchain/Web3/DeFi, artificial intelligence, and biotechnology fields.

I am glad that I finally have more time to study DeFi. I cannot imagine being a CEO again to drive the development of a startup. I am satisfied with being a one-time (lucky) entrepreneur. If there are listeners, I may be willing to privately serve as a coach/mentor for a few upcoming entrepreneurs. If nothing else, I can at least tell them what not to do.

At this point, I am proud to point out that in our resolution with US institutions, they:

No charges have been filed against Binance for misappropriating any user funds.

No charges have been filed against Binance for any market manipulation.

Fund security.

Therefore, I look forward to seeing the new leadership take office. Let's congratulate Teng on his well-deserved promotion together.

Forward!