🚩Key updates in #Binance and CZ reveal:

CZ steps down as CEO. The Department of Justice (DOJ) and the cryptocurrency exchange reached a major settlement. The DOJ alleged Binance of operating an unregistered exchange and misleading investors. CZ will continue as a shareholder and provide consulting services.

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Binance has agreed to be fined $18.1 billion by US authorities and will pay within 15 months, with assets worth $25.1 billion seized.

CZ emphasized that no US institutions have accused Binance of misappropriating user funds or market manipulation in their settlement with Binance, and user funds are safe

Richard Teng, former Global Managing Director of Binance, has been announced as the new CEO, aiming to ensure the financial strength, security, and stability of the company for users.