The issue of succession has become more pressing as US regulators have increased scrutiny of Binance in recent months. Previously, the US Commodity Futures Trading Commission sued Binance and Changpeng Zhao for allegedly violating derivatives regulations in late March and accusing them of “artificial” compliance.
According to the report, Richard Teng’s senior position at the central bank of Singapore and the Abu Dhabi International Free Trade Zone makes him an ideal candidate to help guide Binance through regulatory difficulties.
According to Richard Teng’s LinkedIn profile, he worked for the Monetary Authority of Singapore for 13 years until 2007. After that, he worked for six years at Abu Dhabi Global Markets. His resume shows a master’s degree in applied finance from the University of Western Australia.
Binance still processes more transactions than all the other top centralized crypto exchanges combined, but its position has always been challenging. At least four US federal agencies are investigating or bringing enforcement action against it, and regulators in Canada and Australia are reviewing its business. Even Dubai, Zhao’s adopted home and widely regarded as a freelance crypto hub, has tightened scrutiny of license applicants, including Binance.
On March 27, the CFTC filed a series of complaints against Binance and Changpeng Zhao in a lawsuit accusing him of insider trading and evading KYC (know your customer) controls.
The agency said Binance and CZ knowingly ignored registration and compliance requirements under US federal law, despite exploiting significant US commercial relationships to earn a substantial revenue. Among the allegations was that Binance was trading on its platform. Furthermore, the CFTC states that “approximately 300′ banker accounts’ all owned directly or indirectly by Zhao.”
In addition, the US Department of Justice is investigating whether its platform was illegally used to allow Russians to evade US sanctions and transfer money. Last week, the world’s largest cryptocurrency exchange was also locked in a dispute with the Securities Commission of Ontario, Canada, even though it announced its exit from this tight market.