There is no name of "succession", but there is a reality of "succession"?
Relevant staff of Binance immediately clarified to Foresight News about the Bloomberg report, saying that "the news is a media speculation."
One stone stirs up thousands of waves, so is this matter a complete speculation?
In fact, it is not entirely groundless-on May 30, Binance just appointed Richard Teng as the head of leading all regional markets outside the United States.
As we all know, Binance.US has been operating separately from Binance Global as an entity due to US regulatory factors.
This also means that Richard Teng will actually be in charge of all Binance exchange businesses except Binance.US . Although he does not have the name of "succession", he has the reality of "succession".
According to a former Binance employee who told CoinDesk: " Senior leadership and regulators have discussed behind closed doors that Richard Teng is the only leader who can succeed CZ and continue to build the company according to CZ's vision, and he can help bridge the industry. existing disagreements with regulators".
Richard Teng: "Triple jump" promotion within two years
According to public information, Richard Teng is 52 years old and has held senior positions in the Monetary Authority of Singapore, the Singapore Stock Exchange and the Abu Dhabi International Free Trade Zone.
He joined Binance in May 2021, initially as CEO of Binance's Singapore subsidiary, before being promoted to Head of Binance's Middle East and North Africa region in December 2021, and appointed Co-CEO in November 2022. In April 2023, he was appointed to take charge of Asian affairs (head of Asia, Europe, Middle East and North Africa).
But Richard Teng himself stated that his new role wasn't even a promotion, "just an expanded scope of responsibility to help CZ look at certain things".
" It's too early to speculate on these things and let me stress that we have a very strong management team with many strong leaders in different parts of the business and I'm excited to be a part of this and try to support the company's agenda and desire".
According to Foresight News sorting out relevant interview content, Richard Teng avoided talking about whether to "succeed Zhao Changpeng" in public, but was more willing to show the overall planning and vision of Binance to the outside world, thinking that Binance "has a very good understanding of the past." open and frank", still very young.
In addition, regarding regulatory and compliance issues, he also emphasized, "If you look at the past 18 to 24 months, Binance has turned very strongly in the direction of compliance, but we admit that there were problems in the past, and we hope to take a negative approach." address all these policy issues with all parties in a responsible manner and continue to demonstrate that we are a new organization”, “Binance started as a technology company at a time when most jurisdictions had no regulation or proper guidance, and today Binance owns 750 compliance staff, more than any other exchange .”
Binance "waiting for regulatory boots to land"
Last month, according to Binance founder Changpeng Zhao, Binance chose to close its business in Australia because Binance’s Australian banking partners stopped their cooperation and cut off users’ channels for issuing legal currency.
And Binance Australia has deleted and delisted the Australian dollar spot trading pairs at 14:00 on June 1, Beijing time: ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, Doge/AUD, ETH/ AUD, GALA/AUD, Matic/AUD, SOL/AUD, XRP/AUD, users are no longer supported to deposit and withdraw AUD via bank transfer
At one point, this led to a 17.7% discount on Bitcoin on Binance Australia, and about 20% discounts on tokens such as ETH and SOL .
According to The Information, citing two people familiar with the matter, Binance.US and Changpeng Zhao are also seeking to explore strategies to reduce Changpeng Zhao’s stake in Binance.US.
Changpeng Zhao has been trying to sell part of the company since last summer, one of the people said. In recent weeks, since the U.S. Commodity Futures Trading Commission (CFTC) sued Binance for allegedly violating U.S. Derivatives laws, Binance.US executives have discussed how the move could help improve the company’s financial standing, another person familiar with the matter said. The image in the eyes of US regulators.
Richard Teng also previously stated that Binance is "excited" about Hong Kong's opening of encrypted transactions and providing licenses to companies, saying that "an announcement will be made when the time is right."
These signs all seem to indicate that the regulatory grace period may indeed be coming to an end. Changpeng Zhao and Binance are also waiting for the chaos to end.
