While Binance faces major challenges regulatory challengeshis new head of markets, Richard Tengcould take on the role of CEO si Changpeng Zhao decided to to give up this postaccording to sources.
Richard Tengwho became director of Binance’s Singapore branch in 2021 and was recently appointed as head of regional marketswould be the best person to succeed the current boss of the crypto-bourseaccording to people close to the matter quoted by Bloomberg on Monday.
Potential change within the management would be motivated by the fact that American regulators have recently stepped up their scrutiny of Binanceagain according to anonymous sources.
Earlier in the spring, the regulator CFTC sued Binance and Changpeng Zhao for violating derivatives rules.
Teng quickly rose through the ranks at Binance and headed up the European, Middle Eastern and then Asian markets of the cryptocurrency exchange platform after a short stint in its Singaporean unit.
In May, he was appointed markets manager regional – outside the US – while at the same time Binance announced that it was withdrawing from the Canadian market due to new regulations.
Prior to working for the world’s number 1 crypto-trader, Teng spent over 20 years in TradFi, 13 of which at Monetary Authority of Singapore and 6 as director from Abu Dhabi Global Market. Thanks to his high-level experience, he could be the ideal candidate to steer Binance through these uncertain times.
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