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  • Writer's pictureJamal Saafir

The Speculated New Face of Binance

Updated: Jun 25, 2023

If you are in the crypto space and have been there for some time, you’re probably familiar with the world’s leading crypto exchange– Binance. If you are familiar with Binance then you are probably also familiar with its founder and current CEO at the time of writing, Changpeng Zhao or CZ as he is affectionately known. CZ has been not only the face of Binance, which was founded in 2017, but has also been one of the major faces in crypto for years now. Known for his outspoken positions on the happenings in the crypto space and for keeping Binance customers’ funds ”SAFU”, an acronym for The Secure Asset Fund letting users know their funds are protected, CZ may soon be “playing the background'' in Binance matters.

A gentleman with notable credentials has entered the quiet mumblings as the potential successor to CZ and CEO of Binance. Richard Teng, who has notable experience as a Financial Services Regulatory Authority and Chief Regulatory Officer of Abu Dhabi Global Market, is now overseeing Binance’s Africa, Asia, Europe and Middle East operations. Teng’s experience in finance and regulatory structure should serve Binance well, as the exchange and CZ have faced some regulatory scrutiny in recent months from the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission in regard to Binance’s operation and compliance.

As reported from an interview with Coindesk, Teng sidestepped the idea that he was being groomed to take the reins from Binance CEO “CZ”. In Teng’s words, "To speculate on such things would be premature". “Let me just stress we have a very strong management team in place and many strong leaders looking after different parts of business. I’m just happy to be part of that and to try and support the company’s agenda and aspirations.”

In the same interview with Coindesk, Teng also referenced some of the legal scrutiny Binance has faced with some positive and insightful sentiments regarding the crypto exchange going forward, “If you look at the past 18 to 24 months, the company has pivoted very strongly in terms of the direction of travel on compliance, but we acknowledge there are past issues. We want to solve all those policy issues in a responsible manner with the respective parties and move on to demonstrate that we are a new organization.”

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