Richard Teng was named head of all regional markets on the exchange outside the U.S. at the end of May

Bloomberg has learned about Changpeng Zhao's possible successor as head of Binance
Richard Teng was named head of all regional markets on the exchange outside the U.S. at the end of May

The head of Binance in Asia, Europe, and the Middle East, Richard Teng may succeed Changpen Zhao in the role of CEO of the exchange, writes Bloomberg. According to the publication's sources, the question of succession became relevant after Binance has been under scrutiny from regulators in the U.S. and other countries.

According to interlocutors Bloomberg, Teng has become a major contender for the CEO position, if Zhao refuses the position in light of problems with regulators. Binance did not comment on the situation.

Richard Teng has more than 30 years of experience in finance and regulation. In late May, Zhao appointed Teng as head of all regional markets outside the U.S., which are managed as a separate division.

Prior to that, Teng worked for 13 years at the Monetary Authority of Singapore, the Singapore Stock Exchange, where he was head of regulation, and spent six years managing the Abu Dhabi Global Market, according to his LinkedIn profile. He earned a master's degree in applied finance from the University of Western Australia, the profile said.

Teng joined Binance in August 2021 as a platform director in Singapore, and according to Zhao, his hiring was quick even by cryptocurrency standards, publication said.

In December 2021, Teng was promoted to head of the Middle East and North Africa division, and less than a year later he was tasked with overseeing Europe. Just a month before his current position, Asia was added to Teng's portfolio. He now works in Dubai.

Because of his growth, Teng has joined Zhao's inner circle of confidants, which includes Yi Hee, co-founder of Binance, with whom Zhao has two children. In a recent interview, Hee, who runs Binance's $9 billion venture capital unit, pointed to his regulatory experience and competence when asked about Teng's promotion.

"I think he's a very experienced, professional manager. Since he came to Binance, his scope of work has steadily expanded, and we all love and recognize Richard," she said.

At the end of May, it was revealed that Binance was making big cuts. The cryptocurrency exchange plans to cut about 20 percent of its staff in June.