Richard Teng appointed to oversee Binance’s regional markets outside the USappointedThat makes Teng, a former Abu Dhabi regulator, the most likely successor to Changpeng Zhao, who founded the world’s largest cryptocurrency exchange in 2017. It will be
The transfer of power comes after reports in May that Zhao, better known as CZ, was considering reducing his ownership of the company’s American arm, Binance.US, to U.S. regulators. It is seen as a kind of appeasement.
Binance, which is often in the spotlight of regulators, is attempting to address increased enforcement action related to conduct in the early days of crypto assets. Teng’s knowledge and experience as a regulator will be brought to bear in his new role overseeing Asia, Europe, the Middle East and North Africa.
Prior to heading the financial services regulator at Abu Dhabi Global Markets (ADGM), Mr. Teng was Chief Regulatory Officer at Singapore Exchange (SGX) and spent 13 years at the Monetary Authority of Singapore (MAS). .
In an interview, Ten denied the idea that he was coaxed into taking the reins by the 46-year-old CEO.
“It is too early to speculate on such things,” Ten, 52, told CoinDesk. “We have a very strong management team, with many strong leaders in charge of different parts of the business. .
His new role, he noted, is neither a promotion nor an “expanded responsibility to help CZ focus on specific things.”
But it’s worth remembering that Zhao himself said the company had plans for a succession when he hired Teng in August 2021. Teng initially joined Binance as CEO of the Singapore business and rose quickly through the turbulent times of the crypto sector.
An anonymous former Binance employee told CoinDesk: “Seniors and regulators believe that Richard Teng is the only leader who can stand for CZ, building the company within his vision while bridging the gap that exists between the industry and regulators. We have privately discussed that we can continue to do so.”
Ten believes Binance is “open and candid about things that have happened in the past,” noting that the company is still very young. Binance, which is about to turn six, started out as a tech company, before it was regulated or properly coached, Ten said. It now has about 750 compliance officers, more than any other exchange, he added.
“Over the last year and a half to two years, we have made a significant shift towards compliance. However, we acknowledge that we have had problems in the past. We want to solve all those issues and show that we are a new organization.”
Meanwhile, crypto-assets continue to evolve, both in terms of technological developments and changes in local laws. Against this global backdrop, an argument could also be made that a US regulatory crackdown could lead to crypto hubs sprouting up and thriving elsewhere.
Dubai, for example, has indicated its willingness to set up a dedicated cryptocurrency regulator, Ten said. Europe is also building a framework for the Crypto Asset Market Regulation Act (MiCA), reinforcing France’s strategy to attract crypto asset companies.
“If you look at what is going on in Paris, you can see that it is very good for business. Not only us, but many crypto players are looking to use Paris as their European base,” Teng said. .
Binance also said it was “thrilled” about Hong Kong opening up to cryptocurrency trading and offering licenses to businesses. Asked if Binance is in the process of doing business in Hong Kong, he said, “We will make an announcement when the time comes.”
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Richard Teng (Binance)
｜Original: Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange