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Crypto Community Reacts To Binance CEO CZ Stepping Down

2 mins
Updated by Ryan James
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In Brief

  • Binance CEO Changpeng "CZ" Zhao has announced his departure from the crypto exchange, amid charges from US regulators.
  • The announcement has sent the community down the speculation rabbit hole, with many defending him as an industry leader.
  • Ran Neuner asked his followers to put themselves in CZ's shoes, while another analyst described him as a "net positive."
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Binance CEO Changpeng “CZ” Zhao has announced he will be stepping down from his role amid pleading guilty to charges by United States regulators.

The crypto community across the world has reacted in different ways.

CZ Departure Causes Mixed Reactions In Crypto Community

The crypto community on social media has sparked mixed reactions online after Binance CEO CZ stepped down, following legal action from US regulators.

Popular crypto trading analyst Ran Neuner, asked his 727,400 followers a hypothetical if they were in CZ’s shoes themselves:

“If you were CZ and you could go back in time knowing that the penalty is $4,3bn and a maximum 18 month sentence, would you have served US customers, violated AML etc to build the biggest exchange in the world and land up here where he did today?”

Learn more: Binance Review 2023: Is It the Right Crypto Exchange for You?

Meanwhile, Lady of Crypto shared with her 427,700 followers that CZ has been a positive for the industry, despite the recent news:

“But as far as actions go, CZ has been a net positive for crypto adoption and recognition. We would not be where we are without him. So for that, I am eternally grateful to the guy and I’m sad to see him go. I trust that Binance is in good hands and I hope CZ finds other ways to positively impact our industry.”

Meanwhile, Layah Heilpern expressed sadness towards the news, declaring it an “end of an era.”

Heilpern further stated that she has nothing but “admiration and respect” for CZ, after all the help he has given her in developing her career in the crypto industry.

Earlier today, the US Department of Justice reported that CZ has agreed to step down.

However, the announcement comes as part of a reported $4.3 billion settlement with the US Securities and Exchange Commission (SEC), in which Binance admitted to being used to “funnel money to Hamas.”

Meanwhile, CZ has faced a number of legal battles in recent times. As CEO of Binance, he was entangled in the lawsuit alleging that Binance listed unregistered securities as crypto and paid social media influencers to promote these digital assets.

Learn more: 7 Best Binance Alternatives in 2023

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.