Binance's CZ spotted bagwork mode

Changpeng Zhao, the Binance founder known as CZ, became the subject of fresh X chatter on September 2 after users circulated posts describing him as being in “bagwork” mode. The posts, referenced in the source briefing for this card, paired images or short clips of Zhao with guesses about hiring, listings or other exchange activity. Binance had not issued a formal statement tied to those posts at the time of writing, and the available sourcing does not establish what the phrase referred to beyond social-media commentary. Richard Teng, not Zhao, is Binance’s chief executive, according to Binance’s official leadership materials published after Zhao stepped down on November 21, 2023. Binance’s own blog said Teng succeeded Zhao that day, after Zhao announced his departure. ### Who is actually running Binance right now? Richard Teng has been presented by Binance as the company’s top executive since November 2023. Binance’s official blog introduced him as the new CEO on November 21, 2023, and described his prior roles across Singapore, the MENA region, Europe and regional markets outside the United States. Changpeng Zhao said on November 21, 2023 that he had stepped down as CEO and that Teng had been named the new chief executive. (binance.com) Binance’s official post carrying Zhao’s statement said customer funds were “SAFU,” while leadership shifted to Teng. ### Why did the “bagwork” posts get attention? September 2 posts on X drew attention because Zhao remains one of the most closely watched figures in crypto even without a formal operating title at Binance. (binance.com) The source briefing for this story says users threaded the posts with memes and market-reaction forecasts, and framed the images as hints of hiring or strategic action. No official Binance announcement in the available record matched those claims on September 2. Binance’s current news feed shows routine product and promotion updates, including Wallet and Earn items, but nothing in the surfaced official materials confirming a Zhao-led hiring push or a specific strategic move tied to the social posts. (binance.com) ### Does Zhao still have a formal Binance role? Binance’s official materials available here identify Zhao as the former CEO and Teng as the current chief executive. Zhao’s November 2023 statement said he had stepped down, and Binance’s leadership page from that period introduced Teng as the executive taking over the company. Third-party crypto outlets have periodically reported speculation about a Zhao return, often tied to profile changes or social-media clues, but those reports also said no official CEO comeback had been confirmed. (binance.com) Those accounts should be treated as speculation unless Binance or Zhao states otherwise. ### What can be verified from the social post itself? The source packet ties the story to an X post by DeeManiOfficial and says the post was published on September 2. (binance.com) The retrievable web results did not provide a stable text rendering of that specific X post, so the available verification supports only the briefing’s description: that users circulated Zhao content and labeled it “bagwork” mode. That means the strongest confirmed facts are narrower than the online commentary. Zhao was being discussed on X on September 2, the posts prompted speculation, and Binance had not publicly confirmed the hiring or strategy claims described in the thread. (blocknews.com) ### Where would confirmation show up first? Binance’s official blog, Binance Square news feed and Richard Teng’s verified Binance channels are the clearest places to watch for confirmation of any staffing, product or strategic change. Binance’s news pages were active on September 2 with other company updates, which means any substantive announcement would likely appear through those same official channels. September 2 is therefore the key date for the social-media flare-up, while November 21, 2023 remains the operative date for Binance’s formal leadership change. Until Binance or Zhao makes a direct statement, the “bagwork” narrative remains social-media speculation rather than a confirmed company move. (binance.com 1) (binance.com 2)