According to Bloomberg, Chanpeng Zhao may be replaced by Richard Teng, the current head of Binance in Asia, Europe and the Middle East.. Teng’s resume with senior positions at the Central Bank of Singapore and the Abu Dhabi International Free Trade Zone makes him an ideal candidate, the exchange states.
Teng worked at the Monetary Authority of Singapore (MAS) for 13 years until 2007, according to his LinkedIn profile. After that, he was Director of Regulation at the Singapore Stock Exchange and then worked for six years at the Abu Dhabi Global Market (ADGM).. Teng joined the Binance team in August 2021 as head of the exchange in Singapore, and according to Zhao, his hiring was quick even by cryptocurrency standards.
In May, it was revealed that Changpeng Zhao is trying to reduce the number of shares he owns in the U.S. division of the exchange. According to media reports, Binance’s U.S. management expects that reducing Zhao’s stake in the firm will help improve the company’s reputation with U.S. regulators.
Binance still handles more transactions than other leading centralized crypto exchanges, but its position has never seemed more precarious. Four U.S. federal agencies are investigating or taking enforcement action against her, and regulators in Canada and Australia are looking into the site’s activities. Even Dubai, which is considered the center of free cryptocurrency trading, has tightened its scrutiny of license applicants, including Binance;
Meanwhile, Binance regularly talks about cooperation with U.S. government agencies. Earlier, the company said it was proud of its assistance to U.S. law enforcement in arresting and freezing accounts with millions of dollars in assets linked to hackers from North Korea.