Changpeng Zhao, former CEO of Binance, admitted to money laundering and stepped down from his position. Richard Teng, the company s Global Head of Regional Markets, has been named the new CEO.
Following Zhao s news, pressure on major cryptocurrencies increased, resulting in the overall crypto market cap falling below $1.4 trillion on Wednesday. However, on Thursday s trade, the crypto market cap bounced back and surged nearly 3% to $ 1.42 trillion.
Binance, a cryptocurrency exchange, pleaded guilty to US DOJ and agreed to a settlement worth 4.3 billion dollars which also included the proviso that its CEO, Changpeng Zhao, step down.
International Business News: Richard Teng, a Singaporean businessman and former regulator, has been announced as the new CEO of Binance, the world's largest cryptocurrency exchang