Information that Binance CEO Changpeng “CZ” Zhao is stepping down after pleading responsible to U.S. legal expenses places the highlight firmly on rising star Richard Teng, who was promoted to the highest ranks on the trade earlier this yr and who’s considered because the inheritor obvious on the world’s largest crypto trade.
Teng, a one-time Abu Dhabi regulator, was appointed to supervise Binance’s regional markets outdoors the U.S. in June of this yr. At the moment, he gave an interview to CoinDesk, declaring that he wished to point out that Binance might be “a brand new group.”
Binance representatives didn’t reply to requests for affirmation that Teng could be taking on as CEO of the trade.
Teng’s energy is regulation and compliance, an space that has been a main focus for Binance for the final couple of years. Earlier than heading up the Monetary Companies Regulatory Authority at Abu Dhabi World Market (ADGM), he was chief regulatory officer of the Singapore Trade (SGX) and spent 13 years with the Financial Authority of Singapore (MAS).
The necessity for somebody with Teng’s experience at Binance has turn into much more obvious as regulatory scrutiny has intensified this yr, resulting in Tuesday’s explosive information that the U.S. charged the trade with breaking sanctions and money-transmitting legal guidelines and agreed to pay $4.3 billion to settle the allegations.
It is value noting that CZ himself mentioned the agency had a succession plan when he employed Teng in August 2021. Teng initially joined Binance as CEO of the Singapore enterprise and rapidly rose via the ranks throughout a turbulent interval within the digital property sector.
Requested again in June if he was being groomed to take the helm, Teng mentioned: “To take a position on such issues could be untimely.”