New Binance CEO's Connection to Ripple and XRP Uncovered

Thu, 11/23/2023 - 14:10
Cover image via
Read U.TODAY on
Google News

In a surprising turn of events, crypto enthusiasts have unearthed a significant link between the newly appointed Binance CEO, Richard Teng, and the world-renowned provider of crypto solutions for business, Ripple.

Teng, who recently took the reins from Changpeng Zhao in the aftermath of a groundbreaking $4 billion settlement between Binance and U.S. regulatory authorities, has a history that intertwines with Ripple's expansive network.

New Binance CEO Richard Teng Addresses \$4.3 Billion Fine: Statement

Digging into Teng's professional background reveals that he was once a key member of the board of directors at LuLu Finance. During Teng's tenure, the company solidified a partnership with Ripple, marking a significant chapter in the history of cross-border blockchain money transfers.

The Ripple-LuLu connection did not end there. In May 2023, Tranglo, a longstanding partner of Ripple, initiated its expansion into the Middle East through a strategic partnership with Lulu Money, a subsidiary of LuLu Financial Holdings.

Singapore link

Adding to the intrigue is Teng's extensive background at the Monetary Authority of Singapore, where he spent over a decade before leading Binance Singapore. Interestingly, in October of this year, Ripple secured a license to operate in Singapore from the same monetary authority, signaling a strategic move into the Asian market.

Ripple Bags License to Operate in Singapore

While the connections between Teng and Ripple are nuanced, they hint at least at a profound understanding of the new Binance CEO's side of Ripple's business and the capabilities of XRP.

As the crypto space watches with bated breath, Teng's ascent to the helm of world's largest crypto exchange may usher in a new era of collaboration and innovation within the industry.