Richard Teng on CZ's Upcoming Release and Binance's Future

Richard Teng, the CEO of Binance, the world’s leading cryptocurrency exchange by trading volume, recently addressed Changpeng “CZ” Zhao’s upcoming release. He emphasized that only Zhao, the former CEO, can decide his future role at Binance. Reflecting on the company’s journey, Teng highlighted the importance of learning from past mistakes and using those lessons to improve operations.

In an exclusive interview with Altcoin Daily, Teng stressed the significance of acknowledging past missteps while looking ahead to the future. He noted, “We are very happy that [Zhao’s] getting out. CZ and Binance paid a big price, but what matters most is that we learn from that and become much better.”

Binance's Commitment to Growth

Teng reiterated Binance’s dedication to putting users first, saying, “We can do much better, and we are committed to future growth. Users are at the core of everything we do.” He also shared a piece of advice that Zhao had given him before his incarceration: “CZ always told me, ‘Treat your users right, and they will treat you right in return.’”

Last November, Zhao pleaded guilty to violating the Bank Secrecy Act for failing to implement an adequate anti-money laundering program. As part of the settlement with the U.S. Department of Justice, the Commodity Futures Trading Commission, and the Treasury Department, Zhao paid $150 million in fines. Binance, however, faced a much heftier penalty of over $4.3 billion.

Although Zhao expressed deep regret and provided over 160 character testimonials, a judge sentenced him to four months in prison in April, despite initial calls for a three-year sentence. CZ’s net worth of an estimated $43 billion has led some media outlets to call him the “richest inmate” currently serving time. His release is expected by the end of the month.

Teng on CZ’s Future Role at Binance

When asked if Zhao would return to Binance in an active role after serving his sentence, Teng responded, “CZ is a major shareholder. Those are questions for him to answer, not me.”

This statement leaves open the possibility of Zhao’s involvement in Binance’s future, but the final decision rests in his hands.