Richard Teng is rumored to be the replacement for Changpeng Zhao as Binance CEO

Teng of Binance

Reuters reports that Richard Teng, Binance’s head of regional markets outside the United States, may be poised to succeed Changpeng Zhao as the CEO of Binance. Reports making the rounds on Monday, June 5, said that following increased scrutiny by regulators in the United States, the issue of succession has taken on a new dimension within the company that owns the biggest cryptocurrency exchange.

Premature speculations

Last month, the company gave Teng a new appointment as its regional market head outside the US. The rumors that Teng will replace Zhao were sidestepped during an interview that the former had with CoinDesk when he said that such speculation is premature.

A former company insider said that the 46-year-old Teng is deemed to be the best candidate to replace Zhao. He is considered by regulators and senior management of the company to be the best fit because of his vision of bridging the gap between regulatory demands and the industry.

“Both senior leadership and regulators have discussed behind closed doors that Richard Teng is the only leader that could step into CZ’s shoes and both continue building the company in his vision while helping bridge the existing gap between the industry and regulators,” CoinDesk cited a former employee as saying.

Increased regulatory pressure on Binance

Even though Binance has not made statements regarding the issue, the company’s running battles with the US Commodities Futures Trading Commission (CFTC) have caused Binance management to seek ways of reducing the stake of CZ in the company.

Binance has also pulled out of Canada due to increasing regulatory scrutiny in the country. As if that were not enough, Australia has also moved against the cryptocurrency exchange by canceling its license in May.

Photo credit: Yahoo! UK Style

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.