Binance Responds to the Next CEO Rumors, Says its Media Speculation

• Binance has responded to the recent media rumors about the next CEO.
• The exchange branded the rumors as media speculation.
• The SEC filed a lawsuit against the exchange and CZ.

Recent reports from Bloomberg have generated speculation regarding the potential appointment of Richard Teng as the CEO of the global crypto exchange Binance. Richard Teng, who has recently been appointed as the regional head for all Binance markets outside the United States, has seen his name linked to the CEO position.

However, Binance swiftly responded to these reports, categorizing them as mere speculation. Richard Teng, a 52-year-old Singaporean, has a notable background, including senior management roles at the Monetary Authority of Singapore for 13 years and in the Abu Dhabi Free Trade Zone. With his extensive experience in compliance roles, Teng emerges as a noteworthy candidate for leadership in an industry that is increasingly subject to regulatory scrutiny.

While the rumors surrounding Richard Teng’s potential appointment as the CEO of Binance have sparked considerable attention, Binance has not officially confirmed these speculations. In a concise statement, Binance dismissed Bloomberg’s claims as “media speculation.” Notably, the company did not explicitly refute the possibility of Teng assuming the CEO position.

In one of the most recent updates, CZ’s exchange has been sued by the Securities and Exchange Commission. According to a lawsuit, it has been alleged that Binance, and CZ (referring to Changpeng Zhao, the CEO) offered unregistered securities to the public through the BNB token and BUSD stablecoin. The lawsuit further claims that the exchange’s staking service violated securities laws.