- #Scrutiny cryptocurrency grows turns street license
- #Scrutiny cryptocurrency grows turns street professional
Chief Operating Officer Noah Perlman - whose resume also includes a six-year stint as global head of financial crimes at Morgan Stanley - to run its compliance operations. Zhao himself helped accelerate FTX’s demise when he tweeted that Binance was offloading its native crypto token, called FTT.Įarlier this year, Binance hired former Gemini Trust Co. Teng’s recent promotion isn’t the only sign that Binance is gearing up for a period of increased regulatory scrutiny - one in part ushered in by the rapid demise last year of FTX, the crypto exchange that was seen by many as the most potent challenger to Binance’s dominance. “Since he joined Binance, his scope has been continually expanding, and we all like and recognize Richard.”
#Scrutiny cryptocurrency grows turns street professional
“I think he is a very seasoned, professional manager,” she said.
In a recent interview, He, who oversees Binance’s $9 billion venture capital arm, pointed to Teng’s regulatory background when asked about his advance, but said other qualities played in as well. Teng’s rise has seen him join an inner circle of Zhao confidants that includes He Yi, Binance’s other co-founder with whom Zhao has two children. Teng is more scripted, preferring to stick to corporate messaging about Binance’s expansion in various regions and regulatory milestones. His tweets regularly include crypto jargon like FUD (Fear, Uncertainty and Doubt) and SAFU - a play on the word “safe” that’s an acronym for Binance’s emergency reserve to protect customer assets. Zhao, until recently a regular on the crypto-conference tour who’s said he spent 580 hours in the air in 2022, often takes to Twitter to disparage news reports he dislikes (he has 8.4 million Twitter followers). The contrasts extend to how the two men express themselves publicly. He’s now based in Dubai, where Binance has more than 500 employees. Just a month before receiving his current title, Asia was added to the regions under Teng’s purview. In December 2021, he was promoted to head of the Middle East and North Africa, and was given oversight of Europe less than a year later, according to his LinkedIn profile. The setback didn’t appear to hurt Teng’s prospects at Binance. Read more: Singapore’s Wary Crypto Embrace Leaves Top Mogul in the Cold
Binance denied that at the time, saying it withdrew the application on strategic and commercial grounds. The application failed because Binance’s affiliate didn’t meet criteria for protecting against money laundering and terrorist financing, Bloomberg News reported in January 2022. “That actually didn’t work out, but Richard had done phenomenal work during that process,” Zhao said.
#Scrutiny cryptocurrency grows turns street license
One of Teng’s first tasks was to help Binance secure a license in Singapore, at the time one of the most coveted seals of approval in crypto. Even Dubai, Zhao’s adopted home and seen as a free-wheeling crypto hub, has tightened scrutiny of license applicants including Binance. At least four US federal agencies are investigating or bringing enforcement action against it, and regulators in Canada and Australia are looking into its business. Read more: SEC Sues Binance and CEO Zhao for Breaking US Securities Rulesīinance still handles more trading than all other top centralized crypto exchanges combined, yet never has its position seemed so precarious. Zhao has disputed the characterization of many of the issues alleged by the CFTC.
On Monday, the US Securities and Exchange Commission filed its own suit against Binance and Zhao, alleging that the firm flouted investor protection rules by operating unregistered exchanges, misrepresenting trading controls and selling unregistered securities, among other violations.īinance didn’t respond to requests for comment on succession. 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. This advertisement has not loaded yet, but your article continues below.
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