Changpeng Zhao (CZ), the founder and CEO of Binance, may not be the company’s chairman, according to rumors carried by important global media such as Bloomberg and Reuters.
According to the publication, inside sources said that Richard Teng, Head of Regional Markets Outside the US at Binance, is seen as the most likely candidate to succeed Changpeng Zhao. Binance did not confirm any information and said it does not comment on succession and internal decisions.
The issue of succession has taken on added urgency as the company has faced intense scrutiny in the US in recent months.
During a recent interview, Teng avoided commenting on the issue and did not confirm that he was being groomed to take over as CEO of the largest cryptocurrency company in the market.
“It would be premature to speculate on these things,” Teng said.
Binance is in the spotlight
However, sources close to the trade say Teng’s name is a consensus among senior Binance executives, including former regulators and ex-central bank chiefs, as well as potential US regulators who have been consulted by the board.
“Both senior leadership and regulators have argued behind closed doors that Richard Teng is the only leader who could take over from the CZ region, and they are both continuing to build the company in line with their vision, helping to bridge the gap that exists between the industry and regulators,” said a former employee.
In recent months, the company has faced a number of lawsuits, including lawsuits filed against the company and its CEO by the United States Commodity Futures Trading Commission (CFTC) in March and the most recent SEC lawsuit.
The Binance CEO swap move will already be in motion as CZ begins to reduce his stake in the company and empower a broader range of employees. Sources say Teng’s name will be more “diplomatic”. This is because CZ is viewed with some reservation by regulators.
Binance recently shut down its operations in Canada, due to the country’s strict regulations on cryptocurrency trading platforms. In Australia, the company’s financial services license was revoked last month during a regulatory investigation.
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