Bitrabo Editorial
Rising as a potential successor to Binance’s troubled CEO, Changpeng “CZ” Zhao, is Richard Teng, a former civil servant who now holds a prominent position in the cryptocurrency space.
Teng is currently overseeing all regional markets outside of the United States for Binance and has come into the spotlight due to the urgent need for succession planning amidst increasing regulatory scrutiny of the exchange, according to Bloomberg.
Richard Teng Set to Take Over Binance
After joining Binance as the Singapore CEO in August 2021, Teng has quickly risen in prominence and now oversees Europe, the Middle East, North Africa, and Asia. However, the exchange has been embroiled in a bitter battle with US regulators who filed a lawsuit against Binance and CZ in March of this year, citing derivatives regulations violations, among other issues.
There are also reports of four other US agencies initiating investigations and taking enforcement action against Binance. Despite these challenges posed by regulatory authorities, Binance continues to maintain its status as a dominant player in the cryptocurrency space.
Teng’s extensive regulatory expertise could help Binance navigate these regulatory hurdles if he does indeed replace CZ. He spent 13 years working for the Monetary Authority of Singapore before becoming the chief regulatory officer at the Singapore Stock Exchange, and his experience proved invaluable to Binance as it pursued a license in Singapore. Although the application was ultimately rejected due to deficiencies in safeguarding against money laundering and terrorist financing, Teng’s contribution was commendable, according to Binance CEO, Changpeng Zhao.
In May 2023, Binance withdrew from the Canadian market due to new crypto regulations that made it “no longer tenable” for the exchange to operate there, adding to the growing list of regulatory challenges the exchange faces. But Teng’s prowess in handling these kinds of matters over his two-decade-long tenure in government agencies further cements him as a potential successor to CZ.
-Featured image from The Straits Times