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Crypto exchange Binance recently made a high-profile announcement with the appointment of former bank regulator Brian Brooks as the CEO of its U.S. office. A few days later, it was revealed that the crypto firm named a new executive to head its China division.
It was recently revealed that Terence Zeng has now been appointed as the head of Binance’s Greater China operations, according to Cointelegraph. However, Zeng’s appointment to the Chinese operations isn’t exactly new as he occupied the post since early April.
“I am currently the head of Binance Greater China,” Zeng confirmed his position in an interview on April 7. “Before joining Binance, I was doing finance, mainly engaged in the field of institutional investment and financing, that is, helping clients such as listed companies, fund investment, and financing.”
Though his online presence is limited, Zeng is a John Hopkins University graduate. He also studied at the University of Hong Kong to get a law degree.
Career-wise, he was involved with large investment banks in the U.S. and Hong Kong. He started to get involved in cryptocurrencies back in 2013 which eventually led him to Binance.
Binance, the largest crypto exchange in the world by volume, as a complicated relationship with China due to the country’s crackdown on cryptocurrency as it placed a ban on digital asset trading. However, recent comments from an executive of the Chinese central bank led experts to believe that the country might be planning to reintroduce crypto trading.
People’s Bank of China (PBoC) deputy governor, Li Bo, surprised the crypto community when he called Bitcoin an investment alternative. The executive made his comments during a panel at the Boao for Asia event.
“We regard Bitcoin and stablecoin as crypto-assets,” Li Bo said. “These are investment alternatives.”
However, he clarified that the PBOC does not view BTC and stablecoin as currency. “They are not a currency per se,” the PBoC deputy governor explained. “And so, the main role we see for crypto assets going forward, the main role is investment alternative.”
Crypto experts believe that the executive’s comments could signal China’s shift in tone towards Bitcoin, especially when he mentioned that the bank considering requirements before investing in such assets. “Maybe minimal, but we need to have some kind of regulatory requirement to prevent it,” he added. “The speculation of such assets to create any serious financial stability risks.
