The appointment of Richard Teng as the overseer of Binance’s regional markets outside the U.S. suggests a potential shift in the company’s management, as founder Changpeng Zhou, or CZ, reportedly aims to reduce his ownership of Binance.US. This move is seen as an effort to appease U.S. regulators. Teng’s extensive regulatory background, including his roles at Abu Dhabi Global Market and the Monetary Authority of Singapore, will be crucial in his new position as the crypto exchange seeks to address enforcement actions stemming from the early days of cryptocurrency.
However, Teng has dismissed the notion that he is in line to succeed CZ as CEO, stating that it would be premature to speculate on such matters. Instead, he emphasized the strength of the current management team and his eagerness to support the company’s goals and aspirations. Despite not being a promotion, Teng’s new role indicates a greater responsibility in assisting CZ.
CZ’s succession plan has been in place since Teng’s hiring in August 2021. Starting as CEO of Binance Singapore, Teng quickly ascended during a turbulent period in the digital assets sector. A former Binance employee, who wished to remain anonymous, mentioned that regulators and senior leadership have considered Teng as the only leader capable of carrying on CZ’s vision, while bridging the gap between the industry and regulators.
Teng stresses that Binance is open and candid about its past, acknowledging its origins as a technology firm during a time when most jurisdictions lacked regulations or guidance. He also highlights the company’s current commitment to compliance, with over 750 compliance officers at the exchange. Binance aims to rectify past issues and demonstrate its growth as a new organization.
As the cryptocurrency landscape continues to evolve, both technologically and in terms of regulatory changes, there could be further development of crypto hubs, especially in areas such as Dubai and Europe. These regions are demonstrating their ambition to become cryptocurrency-friendly, with regulatory frameworks like MiCA in Europe and Paris’s strategy to attract crypto companies.
Teng says Binance is excited about Hong Kong’s openness to crypto trading and the potential for offering licenses to firms there. While he did not confirm whether Binance is establishing a presence in the territory, he stated that an announcement would be made when the time comes.
Source: Coindesk
