Amid the increasing surveillance of the US regulatory crackdown, the latest reports show that Binance CEO, Changpeng Zhao, may be succeeded by Richard Teng.
According to some hints from close friends, Richard Teng is the Binance crypto exchange heir apparent in case Zhao resigns.
Moreover, he is also the newly appointed Head of Binance’s Regional markets outside the United States.
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More Details of the Story
Recall back a few months ago, Binance’s CEO, Zhao, been battling with strict restrictions from the United States regulators.
On March 2023, the United States CFTC (Commodity Futures Trading Commission) filed a suit against Binance.
Allegedly, the crypto exchange and its CEO intentionally offered unregistered cryptocurrency derivatives.
These derivatives include; BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), USDT (Tether), and BUSD (Binance USD), which violated the regulations of the government.
Last week, Binance’s CEO assigned Richard Teng to become the chief of its regional markets globally, except in the US.
According to the Board Chairmen of Blockchain Association, Chia Hock Lai’s statement, “the regulatory history and international experience of Richard, and his relationships is an asset to Binance.
He seeks to steer the difficulties of the international regulatory structure”.
Will Teng support Binance in its battle against regulatory entities?
According to those familiar with the matter, the crypto exchange hopes that Teng will be able to support Binance in its battle against regulatory entities.
Also, he held senior positions in Abu Dhabi’s trade-free zone and Singapore’s Central Bank.
In addition, Duke University’s finance Professor, Campbell Harvey, commented on Teng’s appointment.
He said that appointing Teng “checks the boxes for trust.”
“Binance is showing its intention to collaborate with the regulators,” he added
Meanwhile, the world’s largest cryptocurrency exchange hasn’t responded regarding the rumors of succession flying around.
However, those familiar with the matter said that just work profile of Teng alone makes him the best candidate for the position.
Moreover, his work background revealed that until 2007, Teng worked for Singapore’s Monetary Authority for 13 years.
Following that, he joined Abu Dhabi Global Markets.
