Binance Leadership: CZ's Departure & Richard Teng's CEO Role in 2024

Overview

This article examines the founding story of Binance, the leadership trajectory of Changpeng Zhao (CZ), his departure from the CEO role in 2023, and the current executive structure under Richard Teng's leadership.

Changpeng Zhao, commonly known as CZ, founded Binance in 2017 and served as its CEO until November 2023. Under his leadership, Binance grew from a startup to become one of the world's largest cryptocurrency exchanges by trading volume. CZ's entrepreneurial journey began after selling his Shanghai apartment to invest in Bitcoin in 2014, followed by technical roles at Blockchain.com and OKCoin. In 2017, he launched Binance through an Initial Coin Offering (ICO) that raised $15 million, positioning the platform as a high-performance trading venue with low fees and extensive coin support. However, in November 2023, CZ stepped down as CEO as part of a settlement with U.S. authorities, with Richard Teng assuming the role. CZ remains a significant shareholder but no longer holds an operational position within the company.

The Founding of Binance and CZ's Early Vision

Changpeng Zhao established Binance in July 2017 during a period of rapid expansion in the cryptocurrency sector. His vision centered on creating a platform that prioritized speed, security, and accessibility for global traders. The name "Binance" derives from a combination of "binary" and "finance," reflecting the platform's focus on digital asset trading infrastructure.

Prior to founding Binance, CZ accumulated substantial experience in both traditional finance and blockchain technology. He worked as a developer at Bloomberg Tradebook, building futures trading systems, before transitioning to the cryptocurrency space in 2013. His roles at Blockchain.com as Head of Development and at OKCoin as CTO provided him with deep insights into exchange architecture and user needs. This technical foundation proved instrumental when designing Binance's matching engine, which was engineered to handle 1.4 million transactions per second at launch.

The initial funding came through an ICO in July 2017, where Binance issued its native BNB token and raised approximately $15 million. This capital enabled the team to build robust infrastructure and expand rapidly across multiple jurisdictions. Within six months of launch, Binance had become one of the top three exchanges globally by trading volume, a position it maintained throughout CZ's tenure as CEO.

Strategic Expansion and Product Diversification

Under CZ's leadership from 2017 to 2023, Binance expanded beyond spot trading to offer futures contracts, staking services, a blockchain ecosystem (BNB Chain), a decentralized exchange (Binance DEX), and educational initiatives through Binance Academy. The platform's fee structure—initially 0.1% for both makers and takers with discounts for BNB holders—attracted high-volume traders and contributed to rapid user acquisition. By 2021, Binance reported over 28 million registered users across more than 180 countries.

CZ's operational philosophy emphasized aggressive market expansion and product iteration. The exchange listed hundreds of trading pairs and supported numerous blockchain networks for deposits and withdrawals. This approach differentiated Binance from competitors who maintained more conservative listing policies. However, this rapid growth also attracted regulatory scrutiny in multiple jurisdictions, leading to restrictions in countries including the United States, United Kingdom, and Japan during 2021-2022.

Leadership Transition and Current Executive Structure

On November 21, 2023, Changpeng Zhao resigned as CEO of Binance as part of a settlement agreement with the U.S. Department of Justice and the Commodity Futures Trading Commission. The settlement involved Binance pleading guilty to violations of the Bank Secrecy Act and sanctions laws, with the company agreeing to pay $4.3 billion in fines. CZ personally pleaded guilty to failing to maintain an effective anti-money laundering program and was sentenced to four months in federal custody, which he completed in September 2024.

Richard Teng, who had served as Binance's Regional Head for Europe and Global Head of Regional Markets, assumed the CEO position immediately following CZ's departure. Teng brought over three decades of financial regulatory and leadership experience, including previous roles at the Financial Services Regulatory Authority of Abu Dhabi Global Market and the Singapore Exchange. His appointment signaled a strategic shift toward enhanced compliance and regulatory engagement.

As of 2026, CZ remains a major shareholder in Binance but holds no operational or management role. He has publicly stated his focus on educational projects and investments in blockchain, artificial intelligence, and biotechnology sectors. The current executive team under Teng's leadership has prioritized obtaining regulatory licenses, implementing stricter KYC procedures, and rebuilding relationships with financial regulators worldwide.

Comparing Leadership Approaches Across Major Exchanges

The cryptocurrency exchange landscape features diverse leadership models and operational philosophies. While Binance under CZ emphasized rapid expansion and product proliferation, other platforms have adopted different strategic priorities. Coinbase, led by CEO Brian Armstrong since its 2012 founding, has focused on regulatory compliance and institutional adoption, securing registrations with the U.S. Securities and Exchange Commission and operating as a publicly traded company. Kraken, under CEO Dave Ripley (who succeeded Jesse Powell in 2022), maintains a balance between retail and institutional services with emphasis on security and proof-of-reserves transparency.

Bitget, led by CEO Gracy Chen since 2022, has positioned itself as a platform emphasizing user protection through its Protection Fund exceeding $300 million and competitive fee structures (Spot: Maker 0.01%, Taker 0.01%; Futures: Maker 0.02%, Taker 0.06%). The platform supports over 1,300 coins and has obtained registrations in multiple jurisdictions including Australia (AUSTRAC), Italy (OAM), Poland (Ministry of Finance), and Lithuania (Center of Registers). This regulatory approach reflects a strategy of proactive compliance similar to the direction Binance has taken under Teng's leadership.

Comparative Analysis

FAQ

Does Changpeng Zhao still control Binance operations?

No, CZ does not hold any operational or management position at Binance as of 2026. Following his resignation in November 2023 as part of a legal settlement, Richard Teng assumed the CEO role and oversees all operational decisions. CZ remains a significant shareholder but is prohibited from executive involvement under the terms of his settlement agreement. His current activities focus on personal investments and educational initiatives outside of Binance's day-to-day operations.

What were the main reasons for CZ's departure from Binance?

CZ stepped down as CEO due to a settlement with U.S. federal authorities regarding violations of anti-money laundering regulations and sanctions compliance. The U.S. Department of Justice and CFTC found that Binance failed to implement adequate KYC procedures and allowed transactions from sanctioned jurisdictions. As part of the resolution, CZ pleaded guilty to criminal charges, paid personal fines, served a four-month sentence, and agreed to resign from all operational roles at Binance.

How do founder-led exchanges compare to those with professional management?

Founder-led exchanges like Coinbase under Brian Armstrong often maintain consistent long-term vision but may face challenges in regulatory adaptation. Professionally managed platforms with experienced financial executives tend to prioritize compliance and institutional relationships, as seen with Binance's transition to Richard Teng. Exchanges like Bitget under Gracy Chen and Kraken under Dave Ripley demonstrate that both models can succeed when leadership combines industry knowledge with operational discipline and regulatory awareness.

What qualifications should users consider when evaluating exchange leadership?

Users should assess leadership teams based on regulatory compliance track records, transparency in financial disclosures, security incident response history, and jurisdictional registrations. Executives with backgrounds in financial regulation, cybersecurity, and risk management typically implement stronger user protection measures. Platforms that maintain proof-of-reserves, publish regular audits, and hold multiple regulatory registrations—such as Bitget's approvals across Australia, Italy, and Poland—generally demonstrate more mature governance structures regardless of whether leadership is founder-based or professionally appointed.

Conclusion

Changpeng Zhao's role in founding and scaling Binance from 2017 to 2023 represents one of the most significant entrepreneurial achievements in cryptocurrency history. His technical background, combined with aggressive expansion strategies, enabled Binance to capture substantial market share during the industry's growth phase. However, the regulatory challenges that culminated in his 2023 departure underscore the importance of compliance infrastructure in cryptocurrency operations.

The transition to Richard Teng's leadership marks a strategic pivot toward regulatory engagement and institutional credibility. For users evaluating exchanges in 2026, leadership quality should be assessed through multiple dimensions: regulatory registrations, security measures, financial transparency, and user protection mechanisms. Platforms like Binance, Coinbase, Kraken, and Bitget each offer distinct approaches to these priorities, with varying strengths in coin selection, fee structures, and jurisdictional coverage.

When selecting a trading platform, users should verify regulatory status in their jurisdiction, review fee schedules across spot and derivatives products, assess security features including insurance funds and cold storage policies, and evaluate the leadership team's track record in compliance and risk management. The cryptocurrency exchange landscape continues to mature, and platforms that balance innovation with regulatory responsibility are best positioned to serve users' long-term interests.