Richard Teng, a former Abu Dhabi regulator, has been chosen to replace Changpeng Zhao as Binance’s head of international markets.
Richard Teng’s appointment as CEO follows CZ’s decision to reduce his ownership in Binance’s American branch to appease U.S. regulators. Teng’s extensive regulatory expertise will be vital as he takes on the responsibility of managing Binance’s Asian, European, Middle Eastern, and North African markets.
Teng shrugged off rumors about his new job and expressed his support for Binance’s agenda while praising the strength of the company’s management team. CZ stated that a succession plan was in place when Teng was recruited in 2021.
Teng has been touted by insiders and regulators as the leader who will help bridge the chasm between the cryptocurrency industry and regulators while effectively executing Binance’s objectives. He believes that Binance has been forthcoming about its past issues, acknowledging the company’s young age and starting as a technology firm in an era with limited regulations. The exchange has become more compliant, with over 750 compliance officers on staff, the highest number of any exchange.
Teng is committed to addressing policy problems with responsibility and demonstrating that Binance has transformed into a new organization. With regulatory changes and jurisdictional shifts reshaping the landscape of the crypto industry, he emphasizes Dubai’s desire to create a specialized crypto regulatory authority and Europe’s regulatory developments under the MiCA framework. He also highlights Paris as the preferred location for crypto firms seeking to expand within Europe.
Richard Teng’s appointment as overseer of Binance’s global markets outside the U.S. positions him as a potential successor to CZ. With his regulatory background and Binance’s dedication to compliance, the exchange is poised for growth under Teng’s leadership.
Compiled by Coinbold
