Changpeng ‘CZ’ Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange, indicated a few years ago that he is willing to step down. The market is speculating about a possible replacement and one name keeps popping up regularly: Richard Teng. He is seen as the most likely successor to CZ as CEO of Binance. His role has recently been expanded considerably:
Over the past 2 years, Binance has retooled its executive team with globally recognized compliance & regulatory leaders like @_RichardTengnow #binance‘s Head of Regional Markets.
This is so Binance can evolve with regulators’ expectations of the industry in the years to come.
— Binance (@binance) May 29, 2023
Who is Richard Teng?
Teng is a former financial industry regulator known for his work with the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) and the Monetary Authority of Singapore (MAS). He has also served as Chief Regulatory Officer (CRO) at the Singapore Exchange (SGX).
In August 2021, Teng joined Binance. He is now strengthening his role within Binance by overseeing Asia, Europe, the Middle East and North Africa. Teng is gradually being given more responsibilities in the company, following news that CZ wants to reduce its position, especially in the US.
Shareholders are concerned about the company’s reputation with US regulators with CZ at the helm. Yourself denies Teng for now that he is being readied for the position as CEO: “It would be premature to speculate on that.”
Binance under pressure from regulators
Upon Richard’s appointment in 2021 named the current Binance CEO that he is willing to step down. The main reason is that the company is under increasing regulatory pressure worldwide, including in England, Japan, Canada, Italy and of course the US. CZ has indicated that it is open to being followed up by someone with more regulatory experience. The company plans to establish regional headquarters worldwide and obtain licenses where possible.
Binance is expanding
The regulatory pressure is inherent in the expansion of the business. Most recently, Binance made a return to Japan by acquiring regulated exchange Sakura Exchange Bitcoin (SEBC) in 2022. The move is part of Binance’s ambition to grow its customer base. SEBC users will migrate to the new exchange, with their funds automatically converted to Japanese yen. The move illustrates Binance’s strategy to promote international expansion by acquiring local entities.