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 license last month amid a regulatory probe. The crypto exchange's founder has also explored ways to reduce his stake in the company. Commodity Futures Trading Commission (CFTC) in March. The company has faced several problems over the past few months, with the company and CEO being sued by the U.S. A cryptocurrency CEO has become one of the richest people on Earth. Despite Bloomberg omitting its crypto holdings, Changpeng Zhao’s net worth overshadowed Asia’s wealthiest billionaire, Mukesh Ambani. Presently, Zhao’s net worth is 96 billion. ![]() "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 building the company in his vision while helping bridge the existing gap between the industry and regulators," CoinDesk cited a former employee as saying.īinance did not immediately respond to a Reuters request for comment on the reports. Changpeng Zhao, Binance CEO, is popularly known as CZ, holds the 1st position in the list of richest crypto billionaires. "To speculate on such things would be premature," Teng said. In an interview with CoinDesk, Teng sidestepped the idea that he was being groomed to take the reins from the 46-year-old CEO. The top securities regulator outlined 13 charges against Binance and seeks to force the company to turn over all ill-gotten gains and to permanently bar Zhao from acting as an officer or director. ![]() scrutiny in recent months, Bloomberg News reported, citing people familiar with the matter.īinance in late May appointed Teng to head its regional markets outside the United States. The issue of succession has taken on additional urgency, as the company has come under intense U.S. ![]() June 5 (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.
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