Binance’s Regulatory Woes Pave Path for CEO’s Heir Apparent (1)

In mid-May, cryptocurrency exchange Binance got some bad news in a far-flung corner of its sprawling universe.

Binance’s payments partner in Australia had abruptly cut it off, meaning local customers couldn’t deposit Aussie dollars on the platform via bank transfer. The hit to business was immediate, with Binance halting all Aussie trading pairs about two weeks later, along with bank withdrawals of the local currency.

Add one more headache to the swelling list of challenges facing Richard Teng, the civil servant-turned-crypto executive who’s seen as a possible heir to Binance’s embattled chief executive officer, billionaire Changpeng “CZ” Zhao. ...