The largest cryptocurrency exchange in the world, Binance, has engaged former regulator Richard Teng to supervise its regional markets outside of the United States as part of a strategic drive to strengthen its operations and regulatory compliance. Teng’s appointment places him in a position to take over from Binance founder Changpeng Zhao (CZ), who has indicated a willingness to cut his stake in Binance.US to appease U.S. regulators.
Richard Teng brings to his new position a plethora of knowledge and experience as a regulator. Richard Teng brings 13 years of experience from the Monetary Authority of Singapore (MAS). After his role as the chief regulatory officer at Singapore Exchange (SGX), he joined Binance. Before that, he had headed the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
Teng’s new role will also include management of Binance’s activities in North Africa, the Middle East, and Asia. Binance’s move is a response to mounting enforcement actions related to its early cryptocurrency activities. Regulatory authorities have closely scrutinized Binance during that period.
Teng himself knocked down rumors that he may succeed CZ as CEO of Binance, despite the rumors that have surfaced. He emphasized his focus on Binance’s objectives and the strength of its management team. He expressed confidence in supporting the company’s aspirations.
Speculation Surrounding Teng Potential Succession
CZ mentioned a succession plan when he hired Teng in August 2021. This suggests that stakeholders may consider Teng as a potential successor to the CEO position. Insiders, including a former Binance employee, believe Teng is the top contender to succeed CZ. Teng’s ability to bridge the gap between the cryptocurrency industry and regulators sets him apart.
Teng is confident that Binance will deal with earlier problems in a responsible and transparent eBay. Teng acknowledged Binance’s significant compliance progress despite its young age. He highlighted the company’s investment in a large compliance team with over 750 officers, surpassing other exchanges. Teng emphasized that Binance wants to show that it has changed into a new business with an emphasis on ethical policy-making and legal compliance.
Jurisdictions all over the world are experiencing tectonic swings in regulations as the Bitcoin landscape continues to change. Teng emphasized that Europe has made strides with its Market in Crypto Assets (MiCA) regulatory framework, with France actively attracting crypto companies. Dubai has hopes to build a dedicated crypto regulatory agency.
Teng was excited by the idea of Hong Kong legalized cryptocurrency trading and issuing licenses to companies. He did not explicitly state that Binance would set up shop in Hong Kong, but he made it clear that a declaration would be made when the time was appropriate.
Binance hopes to strengthen its regional operations and uphold its dedication to regulatory compliance with the hiring of Richard Teng. Binance seeks to navigate challenges and position itself as a responsible player amid industry scrutiny. The exchange aims to establish compliance and position itself as a global leader in the cryptocurrency industry.
