Original - Odaily
Edit - 0xAyA
$4 billion fine, CZ resigned. This is one of the conditions for Binance to reach a settlement with US regulators, and CZ himself also announced his resignation on Twitter.
Spring is coming to autumn, and there have been several struggles. From selling houses All in BTC to taking the helm of the worlds largest exchange, everything is now a joke. How do many practitioners in the crypto market evaluate the journey of CZ and Binance?Odaily continues to update...
Binance co-founder He Yi:
Fortunately, okay, our early compliance was not good enough, and we had to be beaten if we made mistakes. Binance has not touched user money, has not manipulated the market, and is still a good boy with good compliance; this is not directed at Binance. There was Bitmex before, and now it is Binance. Sit down and do it one by one. You have to have confidence in Binance’s profitability. Over the years, you have lived within your means. Richard has been at Binance for 2 years, and he just needs to comply with the regulations. Now he is very strict. The SEC is a civil lawsuit, and the lawsuit will be filed slowly, just like Ripple.
Binance’s new CEORichardTeng：
It is my great honor and deepest humility to serve as the new CEO of Binance. With the support of CZ and our leadership team, I accept this role so that we can continue to meet and exceed stakeholder expectations while delivering on our core mission: financial freedom. To ensure a bright future, I intend to use everything I have learned over the past three decades of financial services and regulatory experience to guide our exceptional, innovative and committed team.
My focus will be:
Provide users with peace of mind that they can maintain confidence in the financial strength, safety and security of the company
Work with regulators to uphold high standards and promote innovation globally while delivering important consumer protections
Work with partners to drive Web 3 growth and adoption
We are here to stay, please give me your support and get excited for the days ahead!
Founder of TronJustin Sun：
CZ, I’ve known you for almost ten years, and in those ten years you’ve provided leadership for the community, for the industry, and for me. Over the past six years, you founded Binance and pushed the industry to unprecedented heights. Without you, the cryptocurrency industry would not be where it is today. Im a little sad to think about you leaving this position, but Im really happy for you when I think about the more time youll have to rest and enjoy life. Thank you for all you do for the industry.
ResearchNothing Partner0x Todd：
It’s unclear whether CZ pursues inner peace. Managing such a large global company is even on the fringes. It must have been mentally and physically exhausted these years. Now that the dust has settled, it can be regarded as a retirement to a certain extent. Ill be happier last night.
Co-founder of Cobodivine fish：
The U.S. Department of Justice’s settlement regulatory agreement with Binance clears the way for ETFs. Thanks to CZ for his outstanding contributions to the industry. Let’s explore the infinite possibilities of DeFi together!
Founder of ElementWang Feng：
At this moment, seeing CZ’s public farewell letter is unimaginable and even more unbelievable. Many consider CZ to be the Hero of the cryptocurrency market. Direct, decisive, regardless of cost. Many people only see the glory of Binance, the invincible winner in the crypto market? In fact, looking back, I realize that – all “CZ moments” were moments of crisis.
This can be seen from the time when he and He Yi led the team to leave China to develop Binance. We have also seen it from his insistence on building Binance Chain, from his direct attack on SBF and public confrontation with FTX, and from Binances insistence that he is fine. A company that has been in business for more than six years has been surrounded by ups and downs, sieges, and dangers from the first day.
I remember CZ told me that if given the opportunity, he would be willing to return to China and establish the Binance China Research Institute like Microsoft and Google. …………
Without further ado, (CZ) take a good rest, it’s rare that you can take a break. I believe Binance will be fine, and I hope Binance’s next step can be more efficient, transparent and open.
Generative Ventures partnerWang Tianfan：
All the excessive leverage and centralized landmines of the last cycle are finally close to exploding. Again, the core of the industry’s restart is to rebuild trust. If Binance can properly solve it, then the hidden dangers of the last cycle will be almost eliminated. Now, the new cycle has truly begun.
NextGen Venture PartnerChristianeth：
I feel bad for Binance, but they will still be the industry leader. Also, I woke up this morning to find that my coinbase stock was up millions of dollars, but that doesnt compare to my sadness. Now is the time when I have a hard time making money, and my ambitions have come to an end.
Founder of CoinbaseBrian Armstrong：
Today’s news makes us even more convinced that"head-on"is the right decision. We now have the opportunity to open a new chapter for this industry. Our U.S. operations have suffered a lot from the lack of regulatory clarity, and I hope todays news will be the catalyst to finally make that happen. Americans should not go to unregulated exchanges offshore to benefit from this technology. This industry should be established in the United States in a compliant manner and in accordance with U.S. law. We will stay in the United States because we believe in economic freedom and that American democracy will ultimately make it right. Decentralization and cryptocurrencies are powerful tools that can update the financial system and build a global economy with more economic freedom, and we are only just getting started.
Crypto KOLDaewoo：
for@cz_binanceand@heyibinanceCompared with the early days of entrepreneurship, more wealth itself is meaningless. Responsibility, challenges, unknowns, and creating value are already the driving forces. But when exiting becomes a better choice, it is also a good thing to let it take its course. In fact, I think CZ may not necessarily come back in the future, unless Binance becomes very bad, but if it becomes very bad, really Is it necessary to come back again?
But in any case, when new people with a Singaporean background come to power, a more standardized management system can be established, and Binance will be stronger. Its like Steve Jobs was great, but Apple didnt get worse after Cook. Its a bit similar. If CZ abdicates and the first sister also establishes a mechanism and greater scientific management, I think Binance will move faster and its combat effectiveness will be stronger.
Overall, I believe Binance will be better in the future. I have always been optimistic about Binance. The thing I regret most is that I didn’t know how to invest when I was a kid. I sold a lot of BNB and I was still too young. I believe that CZ will get better and better, and so will Binance.
Matrixport：More exchanges will strengthen their compliance programs and become part of monitoring sharing agreements, which will help approve spot Bitcoin ETFs in the United States. With this plea agreement, expectations for spot Bitcoin ETFs may have been raised to 100% as the entire industry will be forced to adhere to the same rules that traditional financial firms must follow. What’s more, a washout of the industry will strengthen the case for Bitcoin adoption among institutional investors and could make Bitcoin a safe-haven asset in investor portfolios. Agencies are coming, and all enforcement actions by U.S. agencies this year are a step in that direction. As the macro environment continues to provide favorable conditions and institutional demand, 2024 is likely to be another strong year for Bitcoin - and Changpeng Zhao may return during the next bear market in 2026.
