# Richard Teng seen as potential successor to Binance’s Changpeng Zhao -reports Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-06-05 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Reports: Richard Teng potential successor to Binance's Meta Description: Reports suggest Richard Teng could take over as Binance CEO amid US scrutiny. Discussions hint Teng is the right fit to lead Binance forward. URL: https://financedigest.com/richard-teng-seen-as-potential-successor-to-binances-changpeng-zhao-reportshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-06-05t112219z2lynxmpej540dartroptp4binance-gulf-crypto-1736813932245-compressed.jpg) # Richard Teng seen as potential successor to Binance’s Changpeng Zhao -reports (Reuters) – Richard Teng, Binance’s head of regional markets outside the United States, is seen as the most likely candidate to succeed the cryptocurrency firm’s chief executive officer, Changpeng “CZ” Zhao, according to media reports. The issue of succession has taken on additional urgency, as the company has come under intense U.S. scrutiny in recent months, Bloomberg News reported, citing people familiar with the matter. Binance in late May [appointed Teng to head](https://www.financedigest.com/perry-smith-appointed-as-head-of-veraesports.html "Perry Smith Appointed as Head of VeraEsports") its regional markets outside the United States. In an interview with CoinDesk, Teng sidestepped the idea that he was being groomed to take the reins from the 46-year-old CEO. “To speculate on such things would be premature,” Teng said. Both senior leadership and regulators have discussed behind closed doors that Richard Teng is the only leader that could step into CZ’s shoes and both [continue](https://www.financedigest.com/in-light-of-changing-compliance-regulations-an-efficient-business-continuity-strategy-is-essential.html "In light of changing compliance regulations, an efficient business continuity strategy is essential.") building the company in his vision while helping bridge the existing gap between the industry and regulators,” CoinDesk cited a former employee as saying. Binance did not immediately respond to a Reuters request for comment on the reports. The company has faced several problems over the past few months, with the company and CEO being sued by the U.S. Commodity Futures Trading Commission (CFTC) in March. The [crypto exchange’s](https://www.financedigest.com/analysis-us-sec-crackdown-on-coinbase-binance-puts-crypto-exchanges-on-notice.html "Analysis-US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice") founder has also explored ways to reduce his stake in the company. The exchange also withdrew from Canada in May as the country set tight regulations for crypto asset trading platforms, while Australia canceled the company’s [financial services](https://www.financedigest.com/the-future-of-biometric-authentication-in-financial-services.html "The future of biometric authentication in financial services") license last month amid a regulatory probe. (Reporting by Chandni Shah in Bengaluru; Editing by Anil D’Silva) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---