Richard Teng, the former CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market, has stepped up to oversee Binance’s regional markets outside the U.S., strengthening his position as a potential successor to Changpeng Zhou (CZ). 😯
This move comes amidst reports that CZ is planning to reduce his stake in Binance.US, interpreted by some as a way to appease American regulators. Teng’s expertise as a former regulator is expected to be valuable as the crypto exchange navigates enforcement actions related to conduct in the early crypto era.
He will oversee Asia, Europe, the Middle East, and North Africa. Despite speculations, Teng dismissed the idea of being groomed for the CEO role as premature. 📸
Teng’s initial role with Binance was CEO of the Singapore business since August 2021. His rise in the ranks coincided with a turbulent period in the digital asset sector. However, Teng emphasizes that Binance has been transparent about past issues and is now pivoting strongly toward compliance.
He noted the firm’s considerable size, with over 750 compliance officers, and its efforts to responsibly address past policy issues. In the evolving global context of crypto, he acknowledged the potential for new crypto hubs emerging outside U.S. regulation, citing positive developments in Dubai and Europe.
Teng expressed excitement about Hong Kong opening up to crypto trading and hinted at a possible future announcement about Binance’s presence in the territory. 🌍