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Amid ongoing confusion, uncertainty and rumors across the latest departure of Changpeng “CZ” Zhao as Binance CEO, his alternative, the brand new Binance CEO Richard Teng, took to X (previously Twitter) to try to spice up investor confidence.
Quickly after CZ introduced he was stepping down, Binance critics on X shared their opinions on what lies forward for the crypto change. Whereas some sought particulars on the supply of funds for CZ’s and Binance’s authorized proceedings that exceed $four billion in whole, others claimed distrust resulting from discrepancies in Binance’s beforehand shared proof of reserves (PoR).
The basics of our enterprise are VERY robust.
Binance continues to function the world’s largest crypto change by quantity, our capital construction is debt-free, bills are modest, and, regardless of the low charges we cost our customers, now we have sturdy revenues and earnings. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
Coinbase director Conor Grogan estimates that Binance will be capable of repay the hefty fines imposed by the USA Division of Justice (DOJ) with out having to promote any crypto property.
“The basics of our enterprise are very robust,” reassured Teng as he retweeted Grogan’s evaluation. He mentioned the crypto change takes in sturdy revenues and earnings regardless of low platform charges.
In his introductory tweet as Binance’s new CEO, Teng acknowledged that “the muse on which Binance stands right this moment is stronger than ever.” For starters, Teng will concentrate on three features of the enterprise — reinstating investor confidence, collaboration with regulators and driving Web3 adoption, he mentioned.
Associated: Breaking: Binance’s CZ to plead responsible to violating Anti-Cash Laundering necessities — WSJ
In his exit notice, CZ confirmed his plans to stay related to Binance as a shareholder, including, “I’ll stay accessible to the crew to seek the advice of as wanted, in keeping with the framework set out in our U.S. company resolutions.”
In the present day, I stepped down as CEO of Binance. Admittedly, it was not straightforward to let go emotionally. However I do know it’s the proper factor to do. I made errors, and I need to take duty. That is greatest for our group, for Binance, and for myself.
Binance is now not a child. It’s…
— CZ Binance (@cz_binance) November 21, 2023
CZ may also concentrate on decentralized finance (DeFI) initiatives whereas mentoring a number of startup entrepreneurs.
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