In recent times, Binance’s payment partner in Australia abruptly withdrew its support, preventing local customers from depositing Australian dollars to the platform via bank transfers. This sudden development had an immediate impact on the platform, leading to Binance suspending all Australian transactions about two weeks later and halting bank withdrawals in the local currency. Today, it has emerged that Binance CEO Zhao may step down and hand over his position to someone else.
Richard Teng could be the new Binance CEO!
Due to the increasing pressure from US regulatory authorities on Binance in recent months, rumors had been circulating for a while that CEO Zhao might leave his position. In fact, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao at the end of March, accusing them of violating derivative regulations.
According to the news that surfaced today, Richard Teng is expected to emerge as a leading candidate to take over the CEO position if Zhao steps down. However, Binance is currently avoiding making any statements on this matter. Zhao himself denies all allegations made by the CFTC.
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Nevertheless, Binance still dominates the industry as a massive exchange with a higher trading volume and user base than all other centralized crypto exchanges combined. Therefore, even the slightest disturbance has a direct impact on the crypto market.
However, it may not be entirely accurate to have a prejudice that it will have a negative effect. After all, Teng is not a newcomer to this field. He is already a qualified individual, having managed Binance’s Singapore branch for the past two years.
Furthermore, if his departure contributes to the end of the US pressure, it may even yield positive results. Nonetheless, we must emphasize that this is a period requiring cautious steps for all crypto investors.
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