Binance’s Richard Teng Emerges as CZ’s Heir Apparent as Regulators Circle – Bloomberg

Add one more headache to the swelling list of challenges facing Richard Teng, the civil servant-turned-crypto executive who’s seen as a possible heir to Binance’s embattled chief executive officer, billionaire Changpeng “CZ” Zhao.

Teng has emerged as the frontrunner to take over as CEO should Zhao relinquish that position, according to people with direct knowledge of the matter. The succession issue has taken on additional urgency as US regulatory scrutiny of Binance mounted in recent months, the people said. The Commodity Futures Trading Commission sued Binance and Zhao himself in late March for allegedly violating derivatives regulations, and accused it of having “sham” compliance.

Source: Binance’s Richard Teng Emerges as CZ’s Heir Apparent as Regulators Circle – Bloomberg