Richard Teng, the current CEO of Binance, the world's largest cryptocurrency exchange by volume, has commented on the upcoming release of Changpeng "CZ" Zhao, saying that the company has learned from past mistakes and only the former CEO could decide the role Zhao would play in the future at the company.
In an exclusive video interview with Altcoin Daily , Teng emphasized the importance of learning from past mistakes and improving the company's operations moving forward.
"We're very happy that [Zhao's] getting out," Teng said in the interview about Binance founder Zhao's release. "CZ, Binance – we paid a very big price. I think what's important is that we learn from that, we get much better."
The CEO said the company was interested in acknowledging past mistakes. "We can do much better, we are invested for the future, and we will continue to pivot on that front. But really, users are at the heart of what we do."
To that point, Teng shared the advice Zhao dispensed to him prior to going to jail: "CZ always tell[s] me that: Always treat your users right and they will treat you correctly," Teng said.
Last November, Binance CEO Zhao pleaded guilty to Bank Secrecy Act violations for failing to institute a proper money laundering program, and agreed to step down as CEO. While Zhao only paid $150 million in fines, the company faced penalties of more than $4.3 billion as part of a settlement with the Department of Justice, Commodity Futures Trading Commission, and Treasury Department.
Although CZ had requested no prison time under his plea deal – claiming that he "deeply regrets his offense" and offering over 160 testimonials from business colleagues and friends to the courts – a Seattle judge sentenced the billionaire to four months in prison this past April. Prosecutors had initially sought a three-year sentence.
CZ maintains an estimated net worth of $43 billion, allowing some media outlets to declare the billionaire the "richest inmate" currently serving in detention. He is expected to be released at the end of the month.
During the interview with Altcoin Daily , Teng was also asked if Zhao would return to Binance in an active role after his time in prison.
"CZ's a major shareholder," Teng said. "Those questions are meant for CZ, they're not meant for me."
