Sun Yuchen commented on the CZ's resignation as CEO event on social media: "CZ, I have known you for almost ten years. During these ten years, you have been playing a leading role for the community, the industry, and for me. In the past six years, you have created Binance and pushed the industry to unprecedented heights. Without you, the cryptocurrency industry would not have reached its current height. When I think about you leaving this position, I feel a little sad, but when I think about you having more time to rest and enjoy life, I am really happy for you. Thank you for everything you have done for the entire industry."

Encrypted media GeekWire revealed on-site photos of CZ appearing in a Seattle court.Previously, it was reported that Binance founder and former CEO CZ had been released on bail for paying a personal guarantee of $175 million, and the sentencing hearing is scheduled to be held on February 24, 2024 at 1:00 Beijing time.

Nansen posted on X platform, stating that since CZ resigned as CEO of Binance, more than $1 billion in funds have flowed out of Binance, but Binance still controls $65 billion in assets. This is not the first time Binance has dealt with massive outflows of funds.

On November 22nd, Shen Yu, on its social platform, stated that the regulatory agreement reached between the US Department of Justice and Binance paved the way for ETFs. Thank CZ for his outstanding contributions to the industry. May we explore the infinite possibilities of DeFi together with CZ.

CZ posted a long article on X social platform stating, "I have resigned as CEO of Binance. I made a mistake and I must take responsibility. This is best for our community, Binance, and myself. Binance is no longer a baby, it's time for it to run on its own, and Binance will continue to grow."At the same time, I am pleased to announce that Richard Teng, former regional market global manager of Binance, will be appointed as the new CEO of Binance. Richard has more than 30 years of financial services and regulatory experience, and he will lead the company through the next growth phase. He will ensure that Binance achieves the next stage of security, transparency, compliance, and growth. Prior to joining Binance, Richard served as CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Chief Regulatory Officer of Singapore Exchange (SGX), and CFO of the Monetary Authority of Singapore.As a shareholder and former CEO, I will provide necessary consultation to the team according to the framework established in the settlement agreement with US regulators. As for future plans, I will first take a break. In the past six and a half years, I have not taken a real break for a day. After that, I may make some passive investments and become a minority shareholder of start-ups in the fields of blockchain, Web3, DeFi, artificial intelligence, and biotechnology. I am happy to finally have more time to study DeFi.I cannot imagine becoming the CEO of a start-up again. In the future, I may be willing to privately mentor a few entrepreneurs and at least tell them what not to do.In addition, I am proud to point out that in the settlement reached with US regulators, they did not accuse Binance of misappropriating any user funds or participating in any market manipulation. The funds are still safe."

On November 22nd, according to BitMEX Research, the court ruled that CZ will be allowed to reside in the United Arab Emirates during the waiting period for the verdict. CZ must return to the United States within 14 days before the verdict.

Richard Teng, the new CEO of Binance, stated on X platform that the former CEO Zhao Changpeng is still a major shareholder of Binance. Binance is stronger than ever before and hopes to work with partners to promote growth and adopt Web3.

Reuters reported that prosecutors in charge of this case stated that Binance has agreed to pay a criminal fine of approximately $1.81 billion to the United States for the trading platform and will pay it within 15 months after being sentenced. In addition, Binance has agreed to forfeit $2.51 billion in assets. CZ has also agreed to pay a fine of $50 million to the CFTC.

Sources familiar with the matter revealed that the CEO of Binance plans to resign and has admitted to violating US anti-money laundering criminal requirements. This move may allow the company to continue operating.

According to Bloomberg Terminal information on November 22, Binance founder CZ appeared in a Seattle court. As previously reported by BlockBeats, US regulators today imposed a $4.3 billion fine on the world's largest cryptocurrency trading platform Binance. Founder CZ agreed to resign and plead guilty, and will not be allowed to hold executive positions at Binance, but will still retain the majority of Binance's equity. CZ will also personally appear in federal court in Seattle on Tuesday afternoon to plead his case.