Binance, the world’s largest cryptocurrency exchange, has announced Richard Teng as its new CEO. Teng, previously the head of regional markets for Binance, has taken over from Changpeng ‘CZ’ Zhao, who stepped down following charges from the U.S. Department of Justice. Teng’s main focus is on ensuring compliance and has invested in building a strong compliance team with expertise in regulatory agencies and traditional financial institutions. Binance has also established regional headquarters in the United Arab Emirates and France to expand its operations in the MENA region and Europe. Teng believes that clear rules and regulations, along with institutional adoption, are crucial for widespread cryptocurrency adoption. The implementation of Europe’s Markets in Crypto-Assets regulations is expected to benefit Binance’s prospects in the region. Despite the challenges, Teng is optimistic about leading Binance and driving the company’s growth agenda.

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