According to Bloomberg News, Richard Teng is the likely successor to Changpeng Zhao, who is the CEO of Binance Middle East and North Africa. People familiar with the matter suggest that he is the most suitable candidate for the job. Binance representatives have not yet issued a statement on the news.
It has been seen that US regulators have recently increased pressure on Binance and its CEO. The US Commodity Futures Trading Commission filed numerous complaints against them on March 27, including allegations of insider trading and circumventing KYC controls. There have been numerous investigations into Changpeng Zhao's behaviour, all of which he has denied. Despite this, he has already become a "controversial" figure.
Richard Teng's extensive experience, in particular his involvement with the Central Bank of Singapore and the Abu Dhabi International Free Trade Zone, makes him highly promising to assist Binance in resolving the issues arising from the investigation against it.
He worked for 13 years at the Monetary Authority of Singapore and then six years at Abu Dhabi Global Markets. He also holds a master's degree in applied finance from the University of Western Australia.
As governments around the world increase their oversight of Binance, including regulators in Canada and Australia as well as Dubai tightening licensing requirements, Richard Teng is more than qualified to assist Binance in these challenging times.
Authorities have accused the Binance exchange and Changpeng Zhao of failing to comply with numerous US laws related to non-compliance with sanctions, uncertain financial transactions, etc.
The number of allegations against the trading platform and Zhao himself is growing. Will Richard Teng be able to solve these problems if he takes Changpeng Zhao's place? That is still an open question.