Teng replaces Zhao as CEO at Binance, the largest crypto exchange.

The appointment of Richard Teng to oversee Binance’s markets outside of the U.S. has put him in position to potentially succeed Changpeng Zhao, the founder of the world’s largest cryptocurrency exchange. Zhao is reportedly seeking to reduce his ownership of Binance’s American arm as a way to appease U.S. regulators. Teng, a former Abu Dhabi regulator, will use his experience to oversee markets in Asia, Europe, the Middle East, and North Africa as Binance deals with enforcement actions related to its conduct during the early years of cryptocurrency. Teng, however, denies that he is being groomed to succeed Zhao and emphasizes that Binance has a strong management team in place. Nonetheless, insiders believe that Teng is the only leader who can bridge the gap between the industry and regulators while continuing to build the company. Teng acknowledges that Binance has had past issues and is working to solve them in a responsible manner. He also notes that other countries, such as Dubai and France, are setting up regulatory frameworks to attract crypto companies. Teng is excited about Hong Kong’s opening to crypto trading and offering licenses to firms, but Binance has yet to make an announcement about setting up shop in the territory.