Binance Names Teng As CEO, Replaces Zhao

Richard Teng will take over as Binance's head of international markets. He used to be a regulator in Abu Dhabi. The previous head, Changpeng Zhao, will be replaced.

Binance changed their executive team in the last two years. The new team has recognized compliance and regulatory leaders such as @_RichardTeng. He is the Head of Regional Markets now.

Binance needs to change. It wants to keep up with regulators. They are changing how they work. This will happen in the future.

CZ decided to lower his ownership in Binance.US for U.S. regulators. Binance picked Teng for his regulatory expertise to take charge of managing Asia, Europe, the Middle East, and North Africa.

Teng said he's not talking about his future role. He trusts Binance's management team and supports their plans. CZ already had a plan for Teng's successor in 2021.

People who know about Binance and those who regulate it have talked about Teng being a good leader. They think he can keep working on Binance's plan and also help the crypto industry work better with regulators.

Teng thinks Binance has been clear about its past and gets that the company is quite new. When it started, rules weren't so strict. Binance is doing better now, though. They have lots of people (around 750!) who make sure they follow the rules. This is more than any other exchange.

Teng is serious about dealing with policy problems in a responsible manner. Binance has changed.

The crypto industry is changing. Regulations and location changes are making a difference.

Dubai wants a special agency for crypto rules, says Teng. Europe has the MiCA framework, and Paris is an attractive spot for crypto businesses.

Richard Teng is now in charge of Binance's global markets outside the U.S. This could mean he might take over from CZ. Teng knows about regulations and Binance is following them, so it's good for the exchange. Binance can grow more with Teng as the boss.

Binance has stopped cryptocurrency trading in four European Union countries due to privacy concerns. The privacy crypto platform Block is no longer available for citizens in Germany, Italy, the Netherlands, and Spain. Binance users in these countries can still access all other features on the platform, including deposits and withdrawals. The decision is in response to the EU's Fifth Anti-Money Laundering Directive, which requires exchanges to comply with stricter regulations. Binance has stated that it takes privacy seriously and will continue to work with regulators to ensure compliance with regulatory requirements.

Ronak is a content writer who loves blockchain and cryptocurrency. He pays attention to detail and learns more about these areas every day. He also enjoys watching anime and binge-watching shows.