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Richard Teng: It is too early to talk about 'replacing CZ' now. We will build Binance into a compliant and brand new organization.

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Former Binance employee revealed that both executives and regulatory agencies believe that Richard Teng is the only leader who can succeed CZ and continue to build the company according to CZ's vision.

BlockBeats news, on June 5th, Richard Teng, the regional market leader of Binance, stated in an interview with CoinDesk that it is too early to speculate that he is being trained to "succeed CZ as Binance CEO". His new position is not even considered a promotion, but rather an expansion of his responsibilities to assist CZ in reviewing certain matters.

Teng pointed out: "If you look back over the past 18 to 24 months, you can see that Binance has made a significant turn towards compliance, but we acknowledge that there have been issues in the past. We hope to work with all parties in a responsible manner to address all of these policy issues and continue to prove that we are a brand new organization."

A former Binance employee who requested anonymity revealed to CoinDesk that "senior leadership and regulatory agencies have privately discussed and concluded that Richard Teng is the only leader who can succeed CZ and continue to build the company according to CZ's vision. Teng can also help bridge the existing gap between the industry and regulatory agencies."

It is worth noting that CZ announced in public at the end of July 2021 that the company has formulated a succession plan, which was also when Binance rehired Teng. Teng initially joined Binance as the CEO of Singapore business and quickly rose during the turbulent period of digital assets.

BlockBeats previously reported that Binance recently appointed Richard Teng, the regional head of East and North Africa, to be responsible for all regional markets outside the United States. The new appointment took effect last Monday and expands Teng's previous responsibilities for leading business in Asia, Europe, the Middle East, and North Africa. It is reported that Teng joined Binance in August 2021 as the CEO of the Singapore region. Prior to joining Binance, Teng held other senior positions in traditional finance, such as CFO and Chief Regulatory Officer.