The newest report within the city is that crypto trade Binance is searching for the following inheritor to CEO Changpeng Zhao (CZ), mentioned sources conversant in the matter.
This comes at a time when Binance has been going through main regulatory headwinds. Final month itself, Binance’s funds companions in Australia determined to chop off ties with the trade. This prevented Binance Australia prospects from making additional deposits on the trade adopted by a massive frenzy of withdrawals. Binance introduced that it has ceased all AUD trading pairs on the platform.
As per sources, Richard Teng shall substitute CZ because the CEO of Binance going forward. The sources additionally mentioned that the succession concern to CZ has taken urgency since amid the rising regulatory scrutiny of the crypto trade.
Binance can be at loggerheads presently with the US regulators because the Commodity Futures Buying and selling Fee (CFTC) sued Binance and Zhao earlier this yr in March, for violations of derivatives rules. Reportedly, 4 different US businesses have been investigating and bringing enforcement motion towards Binance.
Regardless of these headwinds, Binance nonetheless handles extra buying and selling than all the opposite prime centralized crypto exchanges mixed.
Binance and Richard Teng
52-year-old Singaporean Richard Teng has been instrumental in Binance’s meteoric rise over the previous two years. Final month in Might, Binance additionally appointed Teng as the top of all markets exterior the US.
Beforehand, Teng has labored in senior positions on the Singapore central financial institution in addition to Abu Dhabi’s worldwide free-trade zone. Campbell Harvey, a finance professor at Duke College said: Teng’s appointment “checks the bins for belief. Binance is signaling that they need to work with the regulators.”
Final month in Might 2023, Binance additionally exited the Canadian market stating that the brand new rules made the market “not tenable” for it. Certainly one of Teng’s first duties was to assist Binance safe a license in Singapore.“That truly didn’t work out, however Richard had completed phenomenal work throughout that course of,” Zhao mentioned. Nevertheless, this didn’t damage Teng’s prospects at Binance.
Teng has labored for 20 years at authorities businesses and holds a superb grip on dealing with regulatory issues.
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