Binance CEO Changpeng Zhao was forced to resign from his post and, together with the company, pay multibillion-dollar compensation to the treasury for violating a whole series of laws. Resignation and an obligation not to take part in the affairs of the exchange became one of the conditions of the deal. The new CEO is Richard Teng.
Justin Sun congratulated him on his appointment.
“I believe that under your leadership, Binance will achieve new successes. We are also ready to continue strengthening our cooperation with Binance, driving development and innovation together,” promised the creator of Tron.
Sun complained that the disgraced Zhao had to leave his post:
“For ten years you have played a leadership role for the entire community, the industry and me personally. Over the past six years, the founders of Binance have taken the industry to unprecedented heights. Without you, the cryptocurrency industry would not have reached the heights it is today.”
As it became known from court documents today, Zhao was released from custody on bail in the amount of $175 million. At the same time, Zhao placed $15 million in a trust account with the law firm Davis Wright Tremaine. The businessman has already found two guarantors who paid another $250,000 and $100,000, respectively.
Source: Bits
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