Recently, Binance’s payment partner in Australia abruptly cut its support and local customers were prevented from depositing Australian dollars on the platform via bank transfer. This had an immediate impact on the platform, resulting in Binance halting all Australian transactions and suspending local currency bank withdrawals after about two weeks. Today, it has emerged that Binance CEO Zhao may withdraw and be replaced by someone else.
Richard Teng could be the new Binance CEO!
Rumors have been circulating for some time that Binance CEO Zhao may step down due to increasing pressure from US regulatory authorities on Binance in recent months. Indeed, the US Securities and Futures Commission (CFTC) sued Binance and Zhao at the end of March, accusing them of violating derivatives regulations.
According to reports emerging today, Richard Teng will emerge as the leading candidate to take over the CEO position should Zhao step down. Of course, for now, Binance refrains from making a statement on this subject. Zhao also denies all the CFTC’s claims.
Yet Binance still dominates the industry as a massive exchange with more trading volume and users than all other centralized crypto exchanges combined. Therefore, the slightest fluctuation directly affects the crypto exchange.
News is updating…