The recent report and rumors in the crypto space is that biggest cryptocurrency exchange, Binance is searching for CEO Changpeng Zhao’s (CZ) successor due to regulatory issues.
This occurs at a time when Binance is dealing with tough legal issues. Binance Australian payment providers made the decision to terminate their partnerships with the exchange last month.
As a result, consumers of Binance Australia were unable to make more deposits on the exchange, resulting in an enormous wave of withdrawals. Binance declared that all AUD trading pairs on the site have been discontinued.
According to trusted sources, Richard Teng will take CZ’s position as CEO of Binance moving forward. Additionally, the sources claimed that the succession dilemma for CZ has become urgent due to increased legal monitoring of the platform.
As the Commodity Futures Trading Commission (CFTC) charged Binance and Zhao in March for violating derivatives rules, Binance is presently at conflict with the US authorities as well. Four additional US authorities are reportedly looking into Binance and taking legal steps against it.
Despite these challenges, Binance continues to conduct more trades than the majority of the large centralised crypto exchanges put together.
Richard Teng, a 52-year-old Singaporean, has played a key role in Binance’s explosive growth over the last two years. On top of that, Teng was selected as the head of all international markets by Binance in May.
Teng has held important posts in the past at both the international free-trade zone in Abu Dhabi and the central bank of Singapore.
According to Duke University finance professor Campbell Harvey, Teng’s nomination “checks the boxes for trust.” Binance is indicating that it wants to cooperate with the authorities.
Binance also left the Canadian market in May 2023, claiming that the new rules made the market “no longer tenable” for it. Teng’s first job was to assist Binance in obtaining a licence in Singapore.
Although it didn’t work out, Zhao noted that Richard had put in exceptional effort. Though, Teng’s chances at Binance were unaffected by this.
Teng has twenty years of experience working for government organisations and is skilled at managing legal issues.