- Reports signal the succession of Richard Teng as the Binance CEO if Changpeng Zhao resigns.
- The news followed the US regulators’ increasing scrutiny over the crypto exchange.
- Teng’s work profile makes him suitable for the position, as reported by the people familiar with the matter.
A recent report signaled the possibility of a new Binance CEO succeeding Changpeng Zhao, amid the US regulators’ increasing scrutiny over the crypto exchange. The people familiar with the matter hinted that Richard Teng, the recently appointed Head of Binance’s regional markets outside the US would take up the position if Zhao resigns.
Over the past few months, Binance and its CEO have been facing stringent restrictions from US regulators. In March 2023, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the company alleging that both Binance and CZ deliberately offered unregistered crypto derivatives including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Tether (USDT) and Binance USD (BUSD) violating the rules of the authority.
The previous week, Zhao appointed Heng to lead Binance’s regional markets across the world, except in the United States. As per the words of Chia Hock Lai, the Board Chairman of the Blockchain Association Singapore, “Richards international experience and regulatory background, as well as global relationships, will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape.”
Though Binance has been reluctant to respond to the prevailing ambiguities regarding the new heir of CZ, the people familiar with the matter commented that Teng’s work profile makes him a perfect candidate to accede to the position. His work history shows that he worked for the Monetary Authority of Singapore for 13 years until 2007, after which he joined the Abu Dhabi Global Markets.
According to sources, Binance is hopeful of Richard Teng’s capability in supporting the platform in the struggle against the regulatory bodies, considering Teng’s senior positions in Singapore’s central bank and Abu Dhabi’s trade-free zone. Campbell Harvey, Duke University’s finance professor commented that Teng’s appointment “checks the boxes for trust” adding “Binance is signaling that they want to work with the regulators.”
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