The newest report within the city is that crypto change Binance is trying for the subsequent inheritor to CEO Changpeng Zhao (CZ), mentioned sources aware of the matter.
This comes at a time when Binance has been going through main regulatory headwinds. Last month itself, Binance’s funds companions in Australia determined to chop off ties with the change. This prevented Binance Australia clients from making additional deposits on the change 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 exchange CZ because the CEO of Binance going forward. The sources additionally mentioned that the succession challenge to CZ has taken urgency since amid the rising regulatory scrutiny of the crypto change.
Binance can also be at loggerheads at present with the US regulators because the Commodity Futures Trading Commission (CFTC) sued Binance and Zhao earlier this yr in March, for violations of derivatives laws. Reportedly, 4 different US companies have been investigating and bringing enforcement motion towards Binance.
Despite these headwinds, Binance nonetheless handles extra buying and selling than all the opposite high 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. Last month in May, Binance additionally appointed Teng as the pinnacle of all markets exterior the US.
Previously, 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 University said: Teng’s appointment “checks the boxes for trust. Binance is signaling that they want to work with the regulators.”
Last month in May 2023, Binance additionally exited the Canadian market stating that the brand new laws made the market “no longer tenable” for it. One of Teng’s first duties was to assist Binance safe a license in Singapore.“That actually didn’t work out, but Richard had done phenomenal work during that process,” Zhao mentioned. However, this didn’t damage Teng’s prospects at Binance.
Teng has labored for 20 years at authorities companies and holds a superb grip on dealing with regulatory issues.
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