JAKARTA - Richard Teng is said to have the potential to become the right candidate to replace Changpeng Zhao as CEO of Binance, according to sources familiar with this issue. Even so, there has been no official response from Binance regarding the succession.
This is because US regulators have stepped up their oversight of Binance in recent months. Binance and Changpeng Zhao were previously indicted by the US Commodity Futures Trading Commission (CFTC) for alleged violations of derivative regulations and false compliance.
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Profile Richard Teng
Richard Teng once worked at Singapore's central bank and Abu Dhabi's International Free Trade Zone, making him the ideal candidate to help Binance overcome regulatory difficulties.
Teng's extensive experience in finance and his position related to regulations makes him considered suitable to lead Binance in facing this challenge. He won the master's degree in applied finance from the University of Western Australia.
Although Binance is still processing more transactions than any other leading centralized crypto exchange, it continues to face various hurdles. There are at least four federal agents in the US investigating or taking legal action against Binance, while regulators in Canada, Australia, and Dubai are also reviewing its business.
In March, CFTC accused Binance and Changpeng Zhao of insider trading and avoiding KYC controls. Decisions regarding succession in Binance are still uncertain, but Richard Teng's name appears as one of the potential candidates.
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