In mid-May, Binance, one of the largest cryptocurrency exchanges, faced a setback when its payments partner in Australia terminated their collaboration, resulting in disruption for local customers who were unable to deposit Australian dollars through bank transfers. Consequently, Binance suspended all trading pairs involving the Australian dollar approximately two weeks later, as well as bank withdrawals in the local currency.
Reports surface about Binance’s possible new CEO
Based on information from sources familiar with the situation shared by Bloomberg, Richard Teng has emerged as a leading candidate for the CEO role if Changpeng “CZ” Zhao decides to step down from his position.
The urgency surrounding the succession matter has heightened due to increased regulatory scrutiny faced by Binance in the United States in recent months. The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao in late March, accusing them of violating derivatives regulations and raising concerns about the company’s compliance practices.
Binance is currently facing investigations and enforcement actions from multiple US federal agencies, while regulatory authorities in Canada, Australia, and even Dubai have intensified their scrutiny of the company’s operations and licensing process. Prior to Binance Australia’s payment provider, Cuscal, discontinuing support for Australian dollar deposits, the exchange also experienced a cessation of support from a UK banking partner for British pound transactions.
Teng’s appointment as the head of all regional markets outside of the US, which operates as a separate entity, is seen as a strategic move by CEO Zhao. The intention is to leverage Teng’s extensive experience to navigate Binance through the regulatory landscape that currently poses significant challenges.
In May, Binance made an announcement stating its intention to withdraw from the Canadian market. This decision came just two months after its local affiliate initiated the registration process. Binance cited the introduction of new regulations as the reason behind its departure, deeming the market conditions “no longer tenable” for its operations in Canada.
