Cryptocurrency exchange Binance has appointed former Abu Dhabi regulator Richard Teng to oversee its regional markets outside the U.S.
Teng is now seen as a likely successor to Changpeng Zhao, known as “CZ,” the Canadian entrepreneur who founded the world’s biggest crypto exchange back in 2017.
Multiple media reports say that CZ is looking to reduce his ownership and role at Binance as the company faces greater regulatory scrutiny, particularly in the U.S.
Teng previously ran the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). Before that, he was chief regulatory officer of the Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore (MAS).
Teng’s experience with markets and as a regulator should prove beneficial as he oversees Asia, Europe, the Middle East and North Africa for Binance.
Teng initially joined Binance as CEO of the company’s Singapore business in 2021, and rose through the ranks during a turbulent period in cryptocurrency markets.
In recent media interviews, Teng has stressed governance at Binance, noting that the exchange has about 750 compliance officers internally, more than any other crypto exchange.
Cryptocurrency prices remain volatile but have largely recovered from a steep selloff last fall. Year-to-date, the price of Bitcoin (BTC), the largest digital asset by market capitalization, is up 61% and trading at $26,700 U.S.
