- Studies point out that Richard Teng will take over as CEO of Binance if Changpeng Zhao resigns.
- The information comes as U.S. regulators have come below elevated scrutiny of the cryptocurrency trade.
- Teng’s job profile qualifies him for the place, based on folks accustomed to the matter.
A current report hinted at the potential of Changpeng Zhao being changed by Binance’s new CEO amid elevated scrutiny from US regulators on the cryptocurrency trade. Folks accustomed to the matter have instructed that Richard Teng, Binance’s lately appointed head of regional markets outdoors the US, will take over if Zhao resigns.
Over the previous few months, Binance and its CEO have confronted extreme restrictions from US regulators. in 2023 March. The US Commodity Futures Buying and selling Fee (CFTC) filed a lawsuit in opposition to the corporate, alleging that each Binance and CZ knowingly supplied unregistered cryptocurrency derivatives, together with Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Tether (USDT). and Binance USD (BUSD) in violation of the authority’s guidelines.
Final week, Zhao appointed Heng to steer Binance’s regional markets worldwide, excluding the US. Within the phrases of Chia Hock Lai, Chairman of the Board of Blockchain Affiliation Singapore: “Richards’ worldwide expertise and regulatory background, in addition to international connections, can be a bonus for Binance because it seeks to navigate the complicated regulatory frameworks of the world. .
Whereas Binance declined to touch upon the continued uncertainty surrounding CZ’s new successor, folks accustomed to the matter commented that Teng’s job profile makes him an ideal candidate for the place. His work historical past exhibits that he labored on the Financial Authority of Singapore for 13 years till 2007, after which he joined Abu Dhabi International Markets.
In line with the sources, Binance is relying on Richard Teng’s means to assist the platform in its combat in opposition to regulators, given Teng’s management positions on the central financial institution of Singapore and the Abu Dhabi Free Zone. Campbell Harvey, a finance professor at Duke College, commented that Teng’s appointment “assessments confidence,” including, “Binance is signaling that they’re prepared to work with regulators.”
