CZ Comments on Binance US CEO’s Departure

In a tweet that recently caught the public’s eye, Binance’s founder, CZ, provided insights into the leadership changes at Binance US. He verified that Brian Shroder, who led Binance US for the last two years, is taking a break. CZ highlighted Shroder’s instrumental contributions, noting, “Under his leadership, Binance.US raised capital, enhanced its products and services, strengthened its internal operations, and captured a substantial market presence.”

Furthermore, CZ introduced the crypto community to Norman Reed, a seasoned professional with experience at the SEC, New York Fed, Ripple, and DTCC. Reed is now poised to take the reins of Binance US, especially at a time when the crypto industry is grappling with an increasingly complex regulatory environment. CZ’s confidence in Reed’s capabilities was evident as he mentioned him as “the right person to lead Binance US in this market.”

However, the leadership transition at Binance US is just the tip of the iceberg. A report from The Wall Street Journal has revealed deeper changes within the company. Following Shroder’s departure, two other top executives, Krishna Juvvadi, Head of Legal, and Sidney Majalya, Chief Risk Officer, are also making their exits. This comes amidst a significant downsizing effort by Binance US, which has seen a reduction of its staff by nearly a third.

Both Juvvadi and Majalya brought extensive experience to Binance US. Juvvadi, who joined in May 2022, previously served as the global head of compliance at Uber and was instrumental in Binance US’s communications with the SEC. Majalya, on the other hand, had roles at both Intel and Uber before joining Binance US in December 2021.

The regulatory challenges facing Binance US are mounting. The SEC’s recent actions, notably their August request to submit confidential documents to the U.S. District Court for the District of Columbia, have sparked curiosity. Some view this as an indication of a possible criminal inquiry by the Department of Justice. A May report from Bloomberg, suggesting a Justice Department investigation into Binance, adds to this conjecture.

Despite the swirling challenges and uncertainties, CZ’s message to the crypto community remains unwavering and clear: “Ignore FUD. Keep building.” His tweet serves as both a reassurance and a call to action for the industry. As the crypto landscape undergoes rapid changes, Binance US’s strategic leadership transitions underscore its determination to not only adapt but also to lead the way forward.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Binance CEO Denies Bloomberg’s Net Worth Report

Changpeng “CZ” Zhao, the CEO of Binance, one of the world’s biggest cryptocurrency exchanges, has refuted the net worth stated by Bloomberg in its financial rich list. Bloomberg included Zhao on its list of the world’s richest people in finance. With an estimated wealth of $28.2 billion, CZ is positioned among the top three financial billionaires in the world, as shown by the ranking. On the other hand, CZ said on Twitter on April 27 that the statistics are all incorrect and that he does not have anywhere near as much money as what is supposed to have been the case for him, notwithstanding what was previously stated.

CZ began his tweet with the number 4, meaning that his worth should fall somewhere between Dan Gilbert’s $19.4 billion and Uday Kotak’s $13 billion. Uday Kotak is the richest person in India. It should not come as a surprise that CZ would take the initiative to call attention to the falsehoods that have been reported, given that he has been critical of the way that the cryptocurrency business is portrayed by mainstream media sites. He has made a number of denials about the information that was provided by authoritative sources such as Bloomberg and Forbes, often labeling such stories as FUD, which stands for fear, uncertainty, and doubt.

CZ’s critical position on the industry’s depiction in mainstream media was clear in his reaction to a story published by Forbes, which said that Binance had proceeded with a “backroom maneuver” involving a $1.8 billion transaction in 2022. The article claimed that Binance had done this in order to circumvent regulatory oversight. It was his contention that Forbes “don’t know how an exchange works.” In a similar manner, he disproved a story from Bloomberg that said Binance was contemplating severing connections with its US-based business partners.

In addition to correcting certain errors that had been made in the article, CZ said in his tweet that he does not consider the defunct FTX bitcoin exchange to be a competitor of his company’s. He emphasized the need of better-run exchanges in the cryptocurrency market and expressed his satisfaction with the increasing number of well-run exchanges in the sector.

The cryptocurrency market is receiving a growing amount of attention from the mainstream media as a result of stories detailing its enormous growth potential and adoption by institutional investors. Nevertheless, CZ’s criticism of the mainstream media draws attention to the need of truthful reporting on the innovations and evolution of the business.

CZ’s rejection of Bloomberg’s net worth report and his critical attitude on the depiction of the cryptocurrency sector in mainstream media both underscore the need of factual reporting. In conclusion, CZ’s position on the representation of the cryptocurrency industry in mainstream media is crucial. Reporting that is well-informed and provides a fair picture of the innovations and progress of the industry is required because of the growth potential of the sector and the rising usage of its products.


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Terraform Labs CEO Sends Millions to Law Firm Before Collapse

South Korean prosecutors have confirmed that Terraform Labs CEO, Do Kwon, sent 9 billion won ($7 billion) to Kim & Chang, a top South Korean law firm, right before the spectacular collapse of the Terra ecosystem. This move by Kwon has been flagged by prosecutors as deliberate, reaffirming his awareness of the impending collapse and anticipated legal problems.

The Terra ecosystem, a blockchain-based payments platform, was launched in 2018 by Terraform Labs. The company’s cryptocurrency, LUNA, reached an all-time high in November 2021 before experiencing a sharp drop. Following this, Terraform’s system became unstable, leading to a spectacular collapse of the ecosystem.

KBS News reported that prosecutors believe Kwon’s decision to send millions to the law firm was a deliberate move to prepare for the anticipated legal issues that would arise following the collapse of the Terra ecosystem. Prosecutors are now trying to tie Kwon’s ill intent in prepaying the law firm, and they believe the information will help in the ongoing fraud case.

In addition to Kwon’s payment to the law firm, lawyers from Kim & Chang also visited Montenegro to meet with Kwon and Terraform’s former chief financial officer, Han Chang-joon. Kwon was later arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents. Following his arrest, both United States and South Korean authorities have sought Kwon’s extradition. However, the court is yet to decide.

On April 7, South Korean prosecutors revealed that they suspected Kwon of converting illicit funds from Terra (LUNA) to Bitcoin (BTC). The prosecutors requested Binance, a cryptocurrency exchange, to halt all withdrawal requests linked to Kwon.

Prosecutors have identified over $314 million in illicit assets associated with Terraform Labs co-founder Kwon and his associates, out of which about $69 million is reportedly directly linked to Kwon. The ongoing investigation is likely to reveal more information, shedding light on the Terra ecosystem’s collapse and the role played by Kwon and his associates.

In summary, Terraform Labs CEO Do Kwon’s prepayment of millions to a South Korean law firm right before the collapse of the Terra ecosystem has raised suspicions among prosecutors that his actions were deliberate. Prosecutors suspect Kwon of converting illicit funds from Terra to Bitcoin and have identified over $314 million in illicit assets associated with Kwon and his associates. The investigation is ongoing and is likely to reveal more information on the collapse of the Terra ecosystem and Kwon’s role in it.


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Former CTO of Square and Creator of Cash App Dies in San Francisco Stabbing

Bob Lee, the former chief technology officer of Square and creator of Cash App, died on April 4, 2023, following a stabbing in San Francisco. Lee was a prominent figure in the tech industry, having contributed significantly to the development of Square and Cash App, two popular payment processing platforms. Lee’s death has come as a shock to the tech community, with many expressing their condolences on social media.

Bill Barhydt, the CEO of Abra, a leading crypto wallet company, confirmed Lee’s death on Twitter on April 5. Barhydt shared a report from a local media outlet that reported on Lee’s death but did not name him. However, Barhydt confirmed that it was indeed Bob Lee who had passed away. Barhydt expressed his grief and described Lee as a “brilliant mind” who had made significant contributions to the tech industry.

Jack Dorsey, the co-founder and CEO of Twitter, also expressed his condolences on the decentralized social media platform Nostr. Dorsey confirmed the news of Lee’s death and described it as “heartbreaking.” Many in the tech community have expressed their shock and sadness at the news of Lee’s untimely passing.

Lee’s contributions to the tech industry are significant, having played a pivotal role in the development of Square and Cash App. Square is a payment processing platform that allows small businesses to accept credit card payments. Cash App, on the other hand, is a mobile payment service that allows users to send and receive money. Lee was the chief technology officer of Square from 2009 to 2013 and is credited with playing a significant role in the company’s success.

Lee’s death has raised concerns about the safety of tech workers in San Francisco. The city has been grappling with rising crime rates, including a spate of violent incidents in recent months. Lee’s death is a tragic reminder of the need for increased security measures to protect the tech community.

In conclusion, Bob Lee’s passing is a significant loss to the tech industry. He was a talented and innovative individual who made significant contributions to the development of Square and Cash App. His untimely death is a reminder of the need for increased security measures to protect tech workers in San Francisco and other cities. The tech community will undoubtedly mourn his passing and remember his legacy.


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BlackRock CEO Highlights Digital Assets and Tokenization

The Chief Executive Officer of the American investment firm BlackRock, Larry Fink, sent an annual letter to the board of directors in which he emphasized the possibilities of digital assets and tokenization for the asset management business. Fink made notice of the continued interest in these kinds of assets, notwithstanding the disaster that occurred with FTX, and he brought attention to the “interesting changes” that have been taking place in this sector.

Particularly, Fink mentioned the “dramatic gains” that have been made in digital payment systems, which are contributing to the progression of financial inclusion in developing countries such as India, Brazil, and Africa. This is crucial since the residents of these communities may not have access to standard financial institutions due to a lack of availability.

Tokenization, which refers to the act of putting assets or securities on a blockchain as digital tokens, may also give advantages, like enhanced liquidity and transparency. It’s possible that BlackRock, which is the biggest asset manager in the world, will be in a good position to capitalize on these trends in the years to come.

It is important to remember that BlackRock has in the past indicated that it is interested in the bitcoin and blockchain industries. In 2018, the corporation established a working group to investigate possible applications for blockchain technology. Two years later, in 2020, the company raised its interests in two Bitcoin mining companies that are publicly listed.

In general, Fink’s letter sheds insight on the increasing interest that the asset management sector is showing in digital assets and tokenization, as well as the potential that these two trends have. It will be fascinating to see how BlackRock and other big financial organizations adapt to new technological developments and integrate these trends into their business plans as technology continues to evolve.


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Binance CEO denies FBI “shot” rumor

Binance CEO Changpeng “CZ” Zhao has denied rumors that he was “shot” by the U.S. Federal Bureau of Investigation (FBI), which were spread widely on a Chinese messaging platform. In a tweet on March 4, CZ addressed the false speculations, and reiterated the close working relationship that exists between Binance and the FBI. He also emphasized the importance of ignoring fake news, distractions, and attacks, which he listed as his fourth goal for 2023.

The rumor was quickly debunked by CZ, who took the opportunity to remind Binance users to remain vigilant against fake news and distractions. He also retweeted a tweet by a user asking him about the rumor, and suggested that CZ should provide a “proof of life” with the latest Binance Smart Chain (BSC) block hash.

This event is similar to a false rumor spread about Ethereum co-founder Vitalik Buterin in 2017, when he was rumored to have died in a car crash. Security analyst Harry Denley called the rumor about CZ the “2023 adaptation of attempted market manipulation.”

In recent news, CZ and Binance.US CEO Brian Shroder were sent a letter on March 1 from three United States senators, Elizabeth Warren, Chris Van Hollen, and Roger Marshall, demanding more information regarding the financials of Binance. The senators claimed that the “little information” available in regards to Binance’s financials suggests that the exchange is a “hotbed of illegal financial activity.”

It is worth noting that Binance.US hired former FBI special agent BJ Kang in October 2022 to head up its investigation unit, aimed at combating illegal activity on the platform. Kang was once dubbed “the most feared man on Wall Street” by Reuters after being photographed arresting Bernie Madoff, who was found guilty of running the largest Ponzi scheme to date.

Overall, CZ’s swift response to the false rumor demonstrates his commitment to transparency and accountability at Binance. Despite the senators’ demands for more information, Binance has remained steadfast in its mission to provide a secure and compliant platform for its users.


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bitFlyer Co-Founder Seeks to Reinstate as CEO

Yuzo Kano, co-founder of bitFlyer, a prominent cryptocurrency exchange in Japan, plans to reintroduce himself as CEO in an attempt to reinvigorate the company. Kano left the company in 2019 amidst a series of management disputes, but he aims to lead the company towards an Initial Public Offering (IPO) in the coming months, according to a report by Bloomberg. He also hopes to put Japan back on the map in the world of cryptocurrency by making bitFlyer capable of competing on the international stage.

Kano intends to introduce stablecoins to the trading platform, build a token-issuance operation, and open-source bitFlyer’s “miyabi” blockchain to the public if he is reinstated. He believes that the company has become stagnant in his absence, with no new products or services launched, which he aims to change. He claims that bitFlyer is “a company that produces nothing new.”

Regulatory pressures imposed by Japan’s Financial Services Agency in 2018 led to management issues at bitFlyer, with the need to adopt more stringent money laundering policies. Despite this, bitFlyer remains one of the larger cryptocurrency exchanges in Japan, with over 2.5 million accounts. The departure of international competitors such as Kraken and Coinbase has left bitFlyer with a stronger position in the Japanese market.

Kano retained a 40% stake in the company despite stepping down as CEO, and he believes that he can help bitFlyer reclaim its former status as an innovative and dynamic company. He plans to introduce new products and services, including stablecoins and token-issuance operations, and he hopes to take the company public in the near future.

If Kano is reinstated as CEO, his plans for bitFlyer could help to solidify the company’s position in the Japanese and international cryptocurrency markets. By introducing stablecoins and other innovations, he could attract new users and investors to the platform. Additionally, opening up bitFlyer’s blockchain to the public could foster collaboration and innovation in the broader cryptocurrency community.

In summary, Yuzo Kano, co-founder of bitFlyer, aims to return as CEO in an attempt to revitalize the company and lead it towards an IPO. He plans to introduce new products and services, including stablecoins and token-issuance operations, and he hopes to make bitFlyer capable of competing on the international stage. By doing so, he believes that he can put Japan back on the map in the world of cryptocurrency.


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Cosmos Blockchain Developer Ignite Layoffs Employees, CEO Peng Zhong Resigns

Peng Zhong, the CEO of Ignite, the company behind the Cosmos blockchain ecosystem, announced his resignation on Friday. Zhong’s departure comes just a few months after the firm recently changed its name from Tendermint to Ignite as part of its reorganization plan.

In February, Tendermint rebranded itself to “Ignite” to bring fresh change and action within the company.

In late May, Ignite further split into two entities: Ignite and NewTendermint. The return of Jae Kwon, the original co-founder of Ignite, led to the company’s split into two business subsidiaries during that month.

With the split, Ignite’s original co-founder, Mr. Kwon, rejoined his old team as the CEO of NewTendermint while Mr. Zhong, the current CEO of Ignite, remained as CEO of the newly restructured Ignite.

Zhong’s resignation is considered to have been fueled by Kwon’s return to the company.

Kwon co-founded Ignite and its parent company, All In Bits Inc. in 2014. The executive stepped down as Tendermint’s CEO in 2020 after fierce disputes with some of its staff, but he retained a seat on the parent company.

With the split, NewTendermint was designed to focus on contributing to the core technology of the Cosmos blockchain ecosystem, while Ignite continued to focus on blockchain-based product development.

With a background in interaction design and front-end engineering, Peng focused on guiding blockchain development across the wider company. His sudden departure, therefore, raises questions about Ignite and New Tendermint’s futures.

Meanwhile, other reports also show that Ignite has announced massive job cuts of more than half its workers this week. The announcement came after Ignite’s CEO Peng Zhong disclosed on Friday that he would exit the company.

The departure of several other top executives at Ignite further puts the future of the company in question.

While Ignite laid off some workers, others volunteered to leave the firm in return for severance packages.

Some might have voluntarily left the company after details about the new organizational structure between the two entities remained vague for many weeks after they were announced.

The looming job cuts were first announced by Mr. Kwon when he returned to the firm in May. During his return, he stated that severance packages would be offered to some workers.

Job Cuts Follow the Bear Market

The current crypto crash forced Mr. Kwon to trim the headcounts of the company further than originally expected, sources familiar with the matter disclosed.

The ongoing crypto crash has caused a lot of FUD (fear, uncertainty, and doubt) in the community, not only among investors but also within companies. Crypto firms such as, BlockFi, Coinbase, and Gemini, among others, laid off hundreds of employees amid a meltdown in cryptocurrencies and a collapse in their token prices.

The crypto winter, triggered by the plunge of the Terra/Luna ecosystem, has put everyone into uncertainty whose fate is unknown when it will end.

Most firms appear to blame the current market conditions. The price of multiple coins has fallen following a new wave of selloffs. The difficult market conditions prompted some crypto firms like Celsius, BlockFi, Three Arrows Capital, among others, to face severe financial woes.

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Binance.US CEO Brian Brooks Steps Down, Cites Strategic Differences with Colleagues

Brian Brooks announced in his Twitter account that he has resigned from Binance.US CEO just after taking the managing position four months ago.Bitcoin and Binance

On Friday, August 6, Brian Brooks tweeted that he resigned because of “differences over the strategic direction” between him and his colleagues at Binance Group:  

“Letting you all know that I have resigned as CEO of Binance-US…. I wish my former colleagues much success. Exciting new things to come!”

Binance CEO Changpeng Zhao (Binance.US chairman) talked about the development and said he is “confident in Binance.US’ business and its commitment to serve its customers.” Zhao stated that Brook’s departure would not affect Binance.US customers in any way:  

“Brian’s work for Binance.US has been invaluable, and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward. We wish him the very best in his future endeavours.”

Zhao did not say why Brooks left the group, and even Brooks did not explain the specific reason. So far, Binace.US has not elaborated on any successor or an interim expert to replace Brooks.

Binance Facing Increasing Scrutiny 

Brooks’ departure, together with the departure of Ricardo Da Ros, director of Binance Brazil, raise more questions as regulators crack down on Binance, the world’s largest crypto exchange in the world, has intensified.

On Wednesday, July 14, Mr. Ricardo Da Ros announced his resignation as a director of Binance Brazil after serving the position for six months at the firm. Da Ros stated that he could not accomplish what he wanted within the first six months, so he departed from the company.

Brooks and Da Ros have resigned when regulators in the UK, Thailand, Italy, Japan, Germany, and Hong Kong have cracked down on Binance because of worries over investor protection. Financial regulators worldwide have raised concerns that the boom in crypto assets is aiding money laundering and increasing systemic risks.  

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Crypto Briefing Appoints New CEO

Key Takeaways

  • Han Kao is stepping down from his role as CEO of Crypto Briefing.
  • The board of directors has appointed Mitchell Moos to take his place.
  • Liam Kelly is assuming the role of Crypto Briefing’s editor-in-chief.

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Crypto Briefing, one of the largest independent crypto publications, announced that it is appointing a new CEO.

Crypto Briefing Continues Commitment to Readers

Han Kao, the founder of Crypto Briefing, is stepping down from his role as CEO. The board of directors appointed Mitchell Moos, the former editor-in-chief, to take his place; Liam Kelly will ascend to the role of editor-in-chief.

“I’m confident that Mitchell will continue leading Crypto Briefing in a way that places our readers and subscribers first. The publication is in good hands,” said Kao.

“It’s more important than ever that Crypto Briefing make progress towards its mission of helping people make informed crypto investment decisions,” said Mitchell Moos. “As CEO, I will double-down on our commitment to readers.”

Han Kao will move on to manage Sanctor Capital, a crypto-focused venture fund. Although he will remain the largest shareholder in Crypto Briefing, he will no longer be involved in the day-to-day operations. 

“It’s my twentieth year as a serial entrepreneur. Sharing the lessons I’ve learned with other entrepreneurs is the highest impact thing I could be doing right now,” Kao added. “That’s why I’m launching an early-stage crypto investment fund⁠—to help these founders make their visions a reality.” 

Crypto Briefing was founded in 2017 as an altcoin-focused industry publication. It quickly gained a following by publishing ICO reviews, as well as project code reviews by Andre Cronje, now the founder of Yearn Finance.

SIMETRI Research

During that time, the industry was saturated with scams and inflated promises from cryptocurrency projects. Crypto Briefing made a name for itself by forgoing advertising dollars to keep its reviews completely unbiased.

Today, Crypto Briefing empowers nearly a million people who follow our publication and our research subscription, SIMETRI, to make better-informed investment decisions about cryptocurrency.

“I want to thank previous team members, Jon Rice, Andre Cronje, and Ilya Abugov, who helped bring Crypto Briefing where it is today,” said Kao. “I am excited for the next chapter of Crypto Briefing under the leadership of Mitchel Moos and Liam Kelly.” 

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