Binance's regulatory challenges have led to the emergence of Richard Teng as a possible heir to CEO Changpeng Zhao. Teng, who has senior positions at Singapore’s central bank and Abu Dhabi’s international free-trade zone on his resume, was appointed head of all regional markets outside the US in May 2022. Binance is facing investigations or enforcement action from at least four US federal agencies, regulators in Canada and Australia, and Dubai. The Commodity Futures Trading Commission sued Binance and Zhao for allegedly violating derivatives regulations in March 2022 while the Securities and Exchange Commission filed its own suit against them in June 2022 alleging that the firm flouted investor protection rules by operating unregistered exchanges among other violations.
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