- Amid a surge in regulatory issues, crypto exchange Binance is reportedly exploring Richard Teng as a potential successor to current CEO Changpeng Zhao (CZ).
- Teng, with his solid background in government agencies and understanding of regulatory affairs, could steer Binance through its current predicaments.
In the wake of escalating regulatory issues, the prominent cryptocurrency exchange Binance is allegedly seeking a new torchbearer to succeed CEO Changpeng Zhao (CZ), according to sources in the know. These developments have emerged while Binance grapples with a wave of regulatory predicaments.
Last month, Binance’s payment partners in Australia severed ties with the exchange, barring Binance’s Australian clientele from making additional deposits, and subsequently leading to an intense wave of withdrawals. In response, Binance announced the cessation of all AUD trading pairs on its platform.
Insiders suggest that Richard Teng is the top contender to take over the reins from CZ as the CEO of Binance. The question of succession has reportedly gained momentum against the backdrop of increased regulatory scrutiny faced by the crypto exchange. Notably, Binance has been in the regulatory crosshairs in the US, with the Commodity Futures Trading Commission (CFTC) suing Binance and Zhao earlier this year for alleged violations of derivatives regulations.
This case is one of several enforcement actions by various US agencies against Binance.
However, despite these challenges, Binance continues to maintain a dominant position, conducting more trades than all other leading centralized crypto exchanges combined.
Richard Teng, a 52-year-old Singaporean, has played a significant role in Binance’s exponential growth over the last two years. Binance also designated Teng as the chief of all markets outside the US just last month. Prior to joining Binance, Teng held high-ranking positions at the Singapore central bank and Abu Dhabi’s international free-trade zone.
Campbell Harvey, a finance professor at Duke University, suggests that Teng’s appointment would demonstrate Binance’s intention to cooperate with regulators, thus boosting trust. In May 2023, Teng was tasked with aiding Binance in securing a license in Singapore, a mission that unfortunately didn’t pan out. Nevertheless, CZ praised Teng’s exceptional work during the process, indicating that this setback hasn’t marred Teng’s prospects at Binance.
With Teng’s two-decade tenure at government agencies and robust understanding of regulatory affairs, he could indeed be the right fit for guiding Binance through its current regulatory storm.