11 months ago
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The assignment of Richard Teng to oversee Binance’s determination markets extracurricular the U.S. has positioned the one-time Abu Dhabi regulator arsenic the astir apt successor to Changpeng Zhao, who founded the world’s largest crypto speech successful 2017.
The enhanced relation follows a study past month that Zhao, commonly known arsenic CZ, is looking to trim his ownership of Binance.US, the firm's American limb – a determination that's seen arsenic thing of an appeasement to U.S. regulators.
Teng's cognition and acquisition arsenic a regulator volition travel to carnivore successful his caller relation overseeing Asia, Europe, the Middle East and North Africa arsenic the exchange, often targeted by authorities, attempts to gully a enactment nether mounting enforcement actions related to behaviour during crypto’s aboriginal years. Prior to heading up the Financial Services Regulatory Authority astatine Abu Dhabi Global Market (ADGM), helium was main regulatory serviceman of Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore (MAS).
In an interview, Teng sidestepped the thought that he’s being groomed to instrumentality the reins from the 46-year-old CEO.
“To speculate connected specified things would beryllium premature,” Teng, 52, told CoinDesk. “Let maine conscionable accent we person a precise beardown absorption squad successful spot and galore beardown leaders looking aft antithetic parts of business. I’m conscionable blessed to beryllium portion of that and to effort and enactment the company’s docket and aspirations.”
His caller role, helium pointed out, is not adjacent a promotion, “just expanded work to assistance [CZ] look astatine definite things.”
But it’s worthy remembering that CZ himself said the steadfast had a succession program successful place erstwhile helium hired Teng backmost successful August 2021. Teng initially joined Binance arsenic CEO of the Singapore business, and rapidly roseate done the ranks during a turbulent play successful the integer assets sector.
A erstwhile Binance employee, who asked to stay anonymous, told CoinDesk via nonstop message: “Both elder enactment and regulators person discussed down closed doors that Richard Teng is the lone person that could measurement into CZ’s shoes and some proceed gathering the institution successful his imaginativeness portion helping span the existing spread betwixt the manufacture and regulators.”
Teng believes Binance is “open and candid astir things successful the past,” pointing retired the steadfast is inactive precise young. Binance, which volition soon observe its sixth birthday, started arsenic a exertion firm, Teng said, astatine a constituent successful clip erstwhile astir jurisdictions had nary regulations oregon due guidance. Today, it has immoderate 750 compliance officers, much than immoderate different exchange, helium added.
“If you look astatine the past 18 to 24 months, the institution has pivoted precise powerfully successful presumption of the absorption of question connected compliance,” Teng said. “But we admit determination are past issues. We privation to lick each those argumentation issues successful a liable mode with the respective parties and determination connected to show that we are a caller organization.”
Meanwhile, crypto continues to evolve, some successful its technological improvement and successful presumption of tectonic shifts astatine a level of jurisdictions. In that planetary context, it could beryllium argued that a clampdown from U.S. regulators volition spot crypto hubs sprout and flourish elsewhere.
The ambition to acceptable up a dedicated crypto regulatory bureau is demonstrated successful Dubai, for example, Teng said. Europe is besides striding up with its Markets successful Crypto Assets (MiCA) regulatory framework, strengthening France's strategy of trying to pull crypto companies.
“If you look astatine what Paris is doing, it is precise conducive for businesses. Not lone ourselves, a fig of crypto players are trying to usage Paris arsenic their basal for enlargement wrong Europe,” Teng said.
He besides said Binance is “excited” astir Hong Kong opening up to crypto trading and offering licenses to firms. Asked if Binance is underway mounting up store successful the territory, helium said: “That’s an announcement we volition marque erstwhile the clip comes.”
CORRECTION (June 5, 10:58 UTC): Corrects spelling of Zhao successful first, 2nd paragraphs.
Edited by Sheldon Reback.
English (US) 