Source: Zhao Changpeng

Translation: BlockBeats

Last night and this morning, Binance announced a resolution with the U.S. Department of Justice, Commodity Futures Trading Commission, Office of Foreign Assets Control, and Financial Crimes Enforcement Network on historical registration, compliance, and sanction issues. According to sources, Binance will pay over $4 billion in fines, including $3.4 billion from the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FINCEN) and $0.968 billion from the Office of Foreign Assets Control (OFAC) (totaling $4.368 billion). Meanwhile, Bloomberg reported that CZ has appeared in a Seattle court. It is reported that CZ faces a maximum of 10 years in prison, but under a plea agreement, the expected sentence will not exceed 18 months. The U.S. Department of Justice has not made a final decision on the length of his imprisonment, and defense lawyers stated in court that sentencing will be postponed for 6 months. CZ published an open letter on social media at the first time, and the translation by BlockBeats is as follows.

Today, I have resigned as the CEO of Binance. Indeed, emotionally letting go is not easy. But I know this is the best choice. I made a mistake, and I must take responsibility. This is the best for our community, Binance, and myself. Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and stand out with its strong backup. I am pleased to announce that our current Head of Region Markets, Richard Teng, has been appointed as the new CEO of Binance.

Teng is a high-caliber leader with over 30 years of experience in financial services and regulation. He will lead the company through the next growth period. He will ensure that Binance achieves the next level of security, transparency, compliance, and growth. Before joining Binance, Richard served as the CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority; Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore. With Richard and the entire team, I believe the best days for Binance and the crypto industry are ahead.

As a shareholder and former CEO who understands the history of our company, I will be available to provide necessary advice to the team in accordance with the framework set out in our U.S. institutional resolution.

What will I do next? I will take a break first. In the past six and a half years, I have not had a real rest day (turn off the phone). After that, my current thought is that I may engage in some passive investments, becoming a minority token holder or shareholder of startups in the blockchain/Web3/DeFi, artificial intelligence, and biotechnology fields.

I am glad that I finally have more time to study DeFi. I cannot imagine myself taking on the role of CEO again to drive the development of a startup. I am content to be a one-time (lucky) entrepreneur. If there are listeners, I might be willing to privately coach/mentor a few upcoming entrepreneurs. If nothing else, I can at least tell them what not to do.

At this point, I am proud to point out that in our resolution with U.S. institutions, they:

Did not accuse Binance of misappropriating any user funds,

Did not accuse Binance of engaging in any market manipulation.

Funds are safe.

Therefore, I look forward to seeing the new leadership take office. Please join me in congratulating Teng on his well-deserved promotion.

Onward!

CZ

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