Can new Binance CEO Richard Teng win back user trust?

The former regulator's first mandate is to try to reclaim trust after "CZ" Changpeng Zhao resigned.

Yes, Changpeng “CZ” Zhao has resigned as CEO of Binance after the company pleaded guilty to federal charges of money laundering and was fined $4.3 billion. And yes, this turn of events has further eroded confidence in the world’s biggest crypto exchange. But Binance responded quickly with the promotion of Richard Teng, a former finance regulator, as CEO.

Teng is a former head of the Abu Dhabi Global Market, the UAE capital’s financial services regulator, and a past director of corporate finance at the Monetary Authority of Singapore. Most recently, he was the global head of regional markets at Binance.

Clearly Binance believes Teng’s appointment will steer it toward the right path and win back customer trust. But Teng, who joined Binance in 2021 as Singapore CEO, has a hard job ahead. The exchange’s native token, BNB, is down 15% after Zhao’s resignation, an indicator of shrinking customer confidence. Users withdrew a net $1.3 billion from the Binance platform, with other cryptocurrencies and blockchain protocols such as Solana and Polygon also getting a hit.

#RichardTeng #BinanceCEO #binannce #BinanceSquareAnalysis $BTC $ETH $XRP