Binance on Tuesday removed Changpeng Zhao as its CEO and appointed Richard Teng to take his place, crypto news outlet Coinbold reported, without revealing any sources.
Teng’s appointment comes after much media speculation surrounding the former Abu Dhabi regulator. When Teng was recruited by Binance, CZ himself had hinted at a possible succession plan.
Richard Teng has extensive experience in regulatory matters and hence will prove invaluable for navigating Binance’s ongoing regulatory hurdles.
The Coinbold report added that, “Teng is committed to addressing policy problems with responsibility and demonstrating that Binance has transformed into a new organization.”
Teng’s appointment may not come as a surprise as CZ himself recently talked about reducing his role in the organization.