As crypto leader Changpeng “CZ” Zhao plans to step aside as Binance’s leader to settle charges with U.S. agencies, Forbes has learned longtime executive Richard Teng is being considered to take over the industry’s top job.
Teng is currently Binance’s head of regional markets outside the U.S., and previously led the company’s operations in Europe and Asia. Sources close to the discussions told Forbes that Teng is a leading candidate, though conversations 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 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 had been in discussions with the agency to cede his role as part of a plea agreement with the U.S. Justice Department.