The founder of the Tron blockchain and advisor to crypto exchange HTX (formerly Huobi) said he would cooperate with cryptocurrency exchange Binance, which has come under pressure from U.S. authorities.
Binance CEO Changpeng Zhao was forced to step down and, along with the company, pay a multi-billion dollar settlement to the Treasury for violating a series of laws. Resignation and a commitment not to take part in the affairs of the stock exchange was one of the terms of the deal. The new CEO is Richard Teng.
Justin Sun congratulated him on his appointment.
“I believe that under your leadership, Binance will achieve new successes. Over the past six years, the founders of Binance have taken the industry to unprecedented heights. In parallel, Zhao placed $15 million in a trust account with the law firm Davis Wright Tremaine. The businessman has already found two guarantors who paid another $250,000 and $100,000, respectively.