As Crypto Leader, Changpeng “CZ” Zhao Plans to Step Down as Binance Leader to Settle Accusations with U.S. Agencies, Forbes has learned that longtime executive Richard Teng is being considered to take over the industry’s top job.
Teng is currently that of Binance responsible for regional markets outside the United States, and previously led the company’s operations in Europe and Asia. Sources close to the discussions said Forbes that Teng is one of the leading candidates, although discussions are ongoing and the situation could change.
Representatives for Binance and Teng did not immediately respond to a request for comment.
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Binance is also preparing to announce members of a new board of directors to oversee the company’s governance and will submit to a U.S.-based third-party monitor as part of the settlement, according to people familiar with the matter.
Forbes first reported that the embattled CEO was in talks with the agency to cede his role as part of a plea deal with the U.S. Department of Justice.