According to Bloomberg’s report Binance’s chief executive billionaire Changpeng “CZ” Zhao’s transitioned from civil servant to crypto executive, seen as his possible heir Richard Teng He began to come to the fore for his position as CEO.
Richard Teng, a Singaporean He served in the monetary authority of Singapore for 13 years. It is known that Teng has worked in senior management positions in many companies and institutions in the Abu Dhabi Free Trade Zone.
Richard Teng May Replace Changpeng “CZ” Zhao on Binance Exchange
According to people with direct knowledge of the matter, Teng emerged as the foremost person to take over as CEO if Zhao leaves the position.
The people in question said that the takeover issue has become even more urgent as the US regulatory scrutiny of Binance has increased in recent months.
Binance’s payment partner in Australia abruptly stopped payments, meaning local customers were unable to deposit Australian dollars on the platform via wire transfer.
The blow to business came at a time, and Binance stopped all Australian trading pairs and local currency bank withdrawals about two weeks later.
The Commodity Futures Trading Commission sued Binance and Zhao at the end of March for alleged violations of derivatives regulations, accusing Binance of having “fake” compliance.
Binance still processes more transactions than all other centralized crypto exchanges combined, but its position has never looked more volatile.
At least four US federal agencies are investigating or sanctioning Binance.
Regulators in Canada and Australia are also reviewing Binance’s activities. Even Dubai, seen as a free-floating crypto hub that Zhao adopted, has tightened its scrutiny of license applicants, including Binance.
Binance described the allegations in Bloomberg’s report as media speculation, but did not directly deny the allegations.
*Not investment advice.
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