Former Binance CEO Richard Teng reportedly seen as successor to CZ

The former chief executive of Binance, Richard Teng, is said to be a possible successor to Binance's embattled CEO, Changpeng CZ Zhao.

The US government is currently grappling with increasing regulatory scrutiny by US federal agencies, as well as regulatory agencies in Canada, Australia, and Dubai.

Teng joined Binance in August 2021 as Singapore CEO, following a meteoric rise to his current position in less than two years. He has been given control over Asia, the Middle East, North Africa and Europe.

Teng has played a significant role in Binance's expansion into various regions and regulatory milestones. In late May, Zhao appointed him as head of all regional markets outside the US, a position that has made Teng a likely successor to CZ, Bloomberg reported.

Teng worked in the Monetary Authority of Singapore for 13 years before joining the Singapore stock exchange as chief regulatory officer.

He worked for six years as CEO of Abu Dhabi Global Market, before he joined Binance.

Binance is the largest cryptocurrency exchange platform globally, enabling users to conduct various digital currency transactions such as Bitcoin BTCUSD and Ethereum ETHUSD.