Who is the successor to Binance CEO CZ? Who is Richard Teng, swiftly taking over regions outside the US?
In recent months, the world's largest cryptocurrency exchange, Binance, has been facing regulatory challenges from various countries, resulting in a 25% loss in market share. Binance's CEO, CZ, is also facing a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC) for allegedly violating trading and derivatives rules. Bloomberg today published an article titled "Binance's Regulatory Woes Set Stage for CZ's Successor," boldly predicting that Richard Teng, a Singaporean, has swiftly emerged as a potential successor to CZ.
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Who is Richard Teng?
Richard Teng, who took on the role of CEO of Binance Singapore in August 2021, has swiftly expanded his responsibilities to oversee the Middle East and North Africa, Europe, and Asia regions within less than two years, making him in charge of all markets outside the United States.
Over the past 2 years, Binance has retooled its executive team with globally recognized compliance & regulatory leaders like @_RichardTeng, now #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
According to his LinkedIn profile, Richard Teng worked at the Monetary Authority of Singapore (MAS) for 13 years before 2007, then served as Chief Regulatory Officer at the Singapore Exchange. He later held the position of CEO of Abu Dhabi Global Market (ADGM) for a remarkable six years. His impressive track record, particularly in pivotal roles within government-related institutions, has raised high expectations for his crucial role in Binance's compliance journey ahead.
In a recent Twitter Space Q&A, CZ mentioned that Dubai has emerged as one of the global hubs for crypto innovation, expressing optimism about the city's prospects and highlighting Binance's remarkable growth in that location. With Richard Teng now residing in Dubai, he is likely to play a significant role in Binance's expansion into the city.