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Home Economy Digital Assets

Changpeng Zhao Rules Out Return as Binance CEO, Focuses on Role as Major Shareholder

Despite numerous offers from buyers, Changpeng Zhao stays noncommittal on selling his stake in Binance

by Joan Aimuengheuwa
November 8, 2024
in Digital Assets
1
Changpeng Zhao Rules Out Return as Binance CEO, Focuses on Role as Major Shareholder
Changpeng Zhao

Changpeng Zhao

UBA
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Changpeng Zhao, widely known as CZ, has dismissed speculation about a possible return to lead Binance, the cryptocurrency exchange he co-founded.

In recent statements, CZ made it clear that he has no intention of resuming the role of CEO, noting that his exit from the position marks the end of a phase for him.

CZ led Binance for over seven years before stepping down due to legal disputes with the United States, which accused him of overseeing weak anti-money laundering practices and facilitating transactions with sanctioned nations.

These allegations led to a fine of $4.3 billion for Binance and a personal fine of $50 million for CZ. Following his brief incarceration, CZ is now a major shareholder in Binance, holding a 90% stake, but he remains on the sidelines of operational leadership. Richard Teng, a Binance executive, has since taken over as CEO.

In a recent interview, CZ shared reflections on his time as CEO, acknowledging the demanding nature of the role and affirming his decision to move forward. “Leading Binance was an intense chapter, and I don’t feel the need to go back,” he stated.

He described his current involvement as purely that of a shareholder, expressing no inclination to return to the top job.

The interview also revealed CZ’s openness to potential buyers for his stake in Binance. Although he has received numerous offers, he remains noncommittal, saying, “I’m happy to review any offer, but I haven’t made any moves yet. For now, I’m just a regular shareholder.” 

His 90% ownership of Binance, the world’s largest cryptocurrency exchange by trading volume, constitutes a major portion of his wealth, which saw an increase in net worth recently, making him one of the wealthiest figures in the crypto industry.

CZ’s public reappearance at the Coca-Cola Arena in Dubai drew attention, with fans celebrating his presence despite his departure from Binance’s day-to-day operations.

His supporters welcomed him enthusiastically, with some hailing him as a “martyr” for the industry. Yet, even with the warm reception, Changpeng Zhao has emphasised that he’s ready to leave his CEO days behind.

Binance’s future, under the leadership of Teng, is expected to focus on reinforcing compliance measures and regaining trust following the recent controversies.

The company continues to hold its place as a major player in the cryptocurrency world, with CZ’s vision foundational to its growth.

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Tags: BinanceBinance CEOChangpeng ZhaoCryptocurrencyCZ
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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  1. Darrick Jude Ige says:
    8 months ago

    Congratulations to the incoming president of America, Donald Trump and his Team members.

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