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BNB Price Tumbles 10% After Changpeng Zhao Steps Down as Binance CEO

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Binance Coin (BNB) price has tumbled 10% from $267 to $240 as markets Binance Founder Changpeng Zhao’s exit. Derivative Market analysis provides vital insights into possible BNB price action for the days ahead.

Binance Founder Changpeng Zhao has confirmed his exit as CEO of the world’s largest crypto exchange. While a successor has been announced, investors trading Binance’s native BNB coins have made a series of initial bearish moves in response to CZ’s ouster.

Changpeng Zhao Confirms Exit as CEO of Binance

On Tuesday, November 21, the US Department of Justice reported that Binance CEO Chanpeng Zhao (CZ) has agreed to step down. Hours later, CZ confirmed in an X (Twitter post) that his set to “take responsibility” as he left his role as CEO of the world’s leading crypto exchange by trading volume.

The shock 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, Richard Teng, who was appointed to oversee Binance’s regional markets outside the U.S. in June has been announced as CZ’s successor.

“It is an honour and with the deepest humility that I step into the role of Binance’s new CEO. We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously,” said Teng.

Teng’s wealth of experience in core areas of regulation and compliance stands out. Prior to heading the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), he was chief regulatory officer of the Singapore Exchange (SGX). He had also spent 13 years with the Monetary Authority of Singapore (MAS)