Fintech Hottest News: Binance changes the general and the future of the cryptocurrency industry

Fintech Hottest News: Binance changes the general and the future of the cryptocurrency industry

Yesterday, November 27, according to COINTELEGRAPH writer TURNER WRIGHT, Binance appointed a new CEO, Mr. Richard Teng, to replace his predecessor who was too familiar with the cryptocurrency community in Vietnam, CZ has already pleaded guilty to one felony charge and will pay $150 million to regulators, while the crypto exchange agreed to roughly $4.3 billion in penalties.

*In a Nov. 27 blog post, Teng said he had the support of CZ and Binance’s leadership following the former CEO’s departure as part of an agreement with United States officials. According to Teng, Binance plans to continue a user-focused approach to its business and “drive growth and the adoption of Web3,” assuring customers they will hear more from him soon.

“I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts — Twitter, LinkedIn — and through the many industry conferences and events around the world,” said Teng.*


However, in the context of changing to new generals, Binance still cannot escape investors' doubts about whether there will be a second Sam Bankman-Fried among the super-rich in the crypto industry and whether to invest in these coins. Is this still safe? Below is FinFan's perspective on the above issue.

CZ is a monument in the cryptocurrency technology industry that seems impossible to erase.

During the peak crisis of the crypto industry in mid-2022, a series of giants in the industry were wiped out one after another, such as the large investment fund Three Arrows Capital (details here) or the collapse of Terraform Labs and the highest point is the recent conviction involving Sam Bankman-Fried when he was accused of price manipulation and defrauding investors of money for his own purposes.

CZ stood aside as a living proof of transparency in financial reporting as well as dominating the cryptocurrency exchange market in Vietnam.

However, the incident on November 21 has somewhat shaken the confidence of investors when the world's largest exchange is also involved in allegations related to regulations about anti-money laundering.

Is CZ liking the second Sam in the cryptocurrency market?

As the investigation has not yet ended, we still do not know the extent of CZ's crime. However, as a leading company in the cryptocurrency field, this will have a strong impact on the cryptocurrency market and Binance itself (BNB).

After the above incident happened, BNB price fell from the peak of 268 USD to somewhere around 220-230 USD (more than 10% of its value). That shows that market distrust has increased and investors in the market have started selling to lock in capital before the worst news happens.

However, with a large global network of companies and its status as a leading exchange in the crypto market, Binance on November 27 took steps to ease these concerns by restructuring immediately the company's leadership apparatus by immediately appointing another general who is also reputable in the market to take power, Mr. Richard Teng.

What should cryptocurrency investors do during this time?

Sadly, Vietnam is the country with the number of traders reaching the top 5 in the world according to data from Binance. There is a very good proverb in the financial world: "Don't put your eggs in one basket". This is very true at this stage of the market when the lessons from FTX are already present.

At this stage, investors should withdraw part of the amount invested in Binance and look for some other reputable exchanges to put money into. On the other hand, during this period, investors can keep a large amount of cash to wait for the bad news to pass and continue to invest in the market.