Richard Teng takes key role to replace co-founder CZ as the new CEO of Binance

A big leadership change is taking place at the world’s largest crypto exchange Binance. Richard Teng, Binance’s rising star and head of regional markets outside the US, has taken a role to replace CEO Zhao, according to media reports.

CoinDesk also reported Teng is seen as the most likely candidate to succeed the co-founder and current CEO Changpeng “CZ” Zhao. According to the report, Teng is taking an expanded role to oversee regional markets outside the U.S. Teng, a former regulator also wants to demonstrate Binance is “a new organization.”

“The appointment of Richard Teng to oversee Binance’s regional markets outside the U.S. has positioned the one-time Abu Dhabi regulator as the most likely successor to Changpeng Zhao, who founded the world’s largest crypto exchange in 2017,” Coindesk reported.

Teng was recently appointed in May as the head of Binance’s regional markets outside the United States. In an interview with CoinDesk, Teng brushed of the idea that he was being groomed to take the reins from the 46-year-old CEO. “To speculate on such things would be premature,” Teng said.

“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.

Binance has been going through many challenges in recent months. Just last month, Binance pulled out of Canada amid tightening crypto regulations. Binance said it was exiting Canada, following the release of new guidelines by the country’s regulatory authorities for cryptocurrency exchanges. The regulations include restrictions on investors and mandatory registrations, among other requirements.

“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” Binance said in a tweet.

Meanwhile, Canada is not the only country cracking down on crypto companies. Early this week, Crypto exchange Bittrex filed for bankruptcy protection following allegations from the U.S. Securities and Exchange Commission (SEC) that it operated an unregistered securities exchange.