Binance's Regulatory Hurdles Open Path for Potential CZ Successor
Binance's recent regulatory hurdles have opened up the path for a potential successor to Changpeng "CZ" Zhao, co-founder and current CEO of the platform.
Among the frontrunners for the position is Richard Teng, a civil servant-turned-crypto executive who was recently appointed as head of all regional markets outside of the US, Bloomberg reported, citing people familiar with the matter.
Teng's resume includes senior positions at Singapore's central bank and Abu Dhabi's international free-trade zone, making him an ideal candidate to help steer Binance through the current regulatory hurricane.
One of Teng's first tasks at Binance was to help secure a crypto license in Singapore, at the time one of the most coveted seals of approval in crypto.
The application failed reportedly because Binance's affiliate didn't meet the criteria for protecting against money laundering and terrorist financing.
However, the setback didn't appear to hurt Teng's prospects at Binance, and he was later promoted to head of the Middle East and North Africa, followed by an oversight of Europe and Asia.
Teng's rise has seen him join an inner circle of Zhao confidants that includes He Yi, Binance's other co-founder, with whom Zhao has two children.
In a recent interview, Yi pointed to Teng's regulatory background when asked about his advance, but said other qualities played in as well. "I think he is a very seasoned, professional manager," she said, adding:
"Since he joined Binance, his scope has been continually expanding, and we all like and recognize Richard.”
Binance, which still handles more trading than all other top centralized crypto exchanges combined, has been facing heavy scrutiny from US federal agencies.
The crypto exchange is reportedly facing
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