On November 22, the now-former CEO of Binance, Changpeng Zhao ‘CZ’ confirmed his resignation and the Justice Department’s indictment of the Binance staff in an internal letter.
The U.S. Department of Justice (DOJ) announced criminal charges against Binance and its founder, Changpeng “CZ” Zhao, at a press conference on Tuesday, November 21.
In light of the current difficult stage of the exchange, Zhao, who recently entered a guilty plea to breaking US anti-money laundering rules, urged the group to “continue performing admirably.”
Cz said, “Binance will be fine. I will have to deal with some pain, but will survive. We will get through, although with some changes in structure. It might not be a bad thing when we look back in a few years time. I needed a break anyway.”
In addition, he urged the employees to assist Richard Teng in his transition after he was named the acting CEO in the wake of CZ’s resignation.
Investors and industry fans have been wondering “what comes next” for the crypto exchange and its CEO, who is under investigation, ever since the announcement. Now, the founder of Binance has addressed the scandal in an official statement.