Binance, FXCM and The Trading Pit: Executive Changes for the Week
The financial industry was full of big developments this week in areas such as forex, cryptocurrency and fintech. These changes highlight the ever-evolving nature of financial technologies, with key executive decisions at the center. First, we witness a shocking turn of events as Changpeng Zhao resigns from Binance after pleading guilty to violating US anti-money laundering laws. Richard Teng, Binance’s new chief executive officer, has taken over CZ’s role. Mark Faulkner, the new CFO and vice president of Tradu, FXCM’s sister company, is another important step. Oliver Tonkin is the new CEO of BCB Group. Tiger Global Management is also undergoing a leadership transition. Scott Shleifer’s departure reflects the company’s changing strategies and global concerns. Here are a few insights into a week of leadership changes that changed the financial technology landscape. In our weekly roundup, we take a deeper look at these important developments in forex, crypto and fintech. Keep an eye on us as we explore the implications and nuances of these developments.
Leadership Change This Week
Report: Binance CEO Changpeng Zhao will resign as part of a $4 billion settlement with the DOJ. Binance CEO Changpeng Zhao is set to resign after admitting to violating U.S. anti-money laundering laws in a $4.3 billion settlement with the Justice Department. The investigation into Binance’s operations included allegations that the company facilitated transactions from sanctioned countries and other regulatory concerns. Federal prosecutors in the U.S. requested extensive records on Zhao and Binance last year as part of an investigation into possible violations of financial crime laws. The investigation focused on whether Binance violated the Bank Secrecy Act, which requires crypto exchanges that conduct significant operations in the United States to comply with anti-money laundering regulations. Zhao announced his resignation after admitting past mistakes and taking responsibility. The SEC intensified its confrontation with Binance by filing multiple charges related to illegal trading platforms and offering unregistered cryptocurrency assets. Learn more about Binance’s CEO and the legal and regulatory challenges the company is facing.
Binance CEO Changpeng Zhao is replaced by a former regulator. Richard Teng, who was previously head of regional markets at Binance, is now the chief executive officer of the cryptocurrency exchange following the departure of Changpeng Zhao. Teng has served in various leadership roles at Binance for more than two years. He brings extensive regulatory experience to his new position. He served as Singapore’s Financial Markets Regulator and Chief Regulatory Officer of the Singapore Exchange for 13 years. Zhao faces money laundering charges in the United States. The Binance founder has led the company since its inception in 2017. In response to Teng’s appointment, Zhao expressed confidence in Teng’s qualifications and extensive experience in financial services and regulation. Teng’s top priorities as CEO are to ensure the company’s financial strength and security, and to work with regulators to maintain global standards and protect consumers. Binance’s history shows a commitment to regulatory compliance. Learn more about Binance CEO Richard Teng and his evolving strategy.
FXCM’s new sister trading platform welcomes Vice President and CFO. Maryke Faulkner has been appointed chief financial officer of FXCM’s sister trading platform Tradu. Faulkner has held various positions at FXCM, including Group Chief Finance Officer and Finance Director for Europe. She brings extensive financial expertise to her new role. Bobby Nachev, who was previously vice president of FXCM Pro, has been named vice president at Tradu. Brendan Callan, CEO of FXCM, introduced Tradu at the AskFX Summit in London (FMLS:23), highlighting its mission to fill gaps in the multi-asset trading industry. The platform will be released in the UK in December and is planned for global expansion. Tradu is a platform for traders and investors that complements FXCM’s existing services by offering integrated banking and payment solutions. FXCM has renamed its UK and Cypriot subsidiary Stratos Markets to Stratos Europe, a strategic shift that signals a major shift in its European business. The focus is on flexibility and adaptability to the changing financial landscape. Learn more about FXCM and Tradu’s strategic positioning in the multi-asset trading industry.
The Trading Pit appoints new dealing head. The Trading Pit is a Hakam Tajli, the new head dealing of a proprietary trading firm, has been announced as a member of its team. “I am happy” “I am pleased to announce that I will be starting a new position as Head of Dealing for The Trading Pit.” Thajli posted a comment on his LinkedIn profile. He began his career in finance more than 20 years ago, working for Orbex Financial, Vinson Financial and Falcon Brokers.Laoura Salveta
CFD Marketing Expert Laoura Salveta joins AskFX
Laoura Salveta is a marketing executive with experience in Forex and CFDs. She was appointed as a marketing consultant for AskFX, a company specializing in crypto. Salveta was appointed during the AskFX London Summit, where she also took part in a panel discussion on modern broker marketing strategies. Salveta announced an upcoming project and added AskFX’s signature illustrated profile pictures to her LinkedIn. Previously, she was Chief Marketing Officer at Red Acre and led prop trading platform FundedPro. She has held various positions in the FX/CFD industry at BridgerPay, 120ADVERTISING and other companies. Her career began in marketing before moving into financial services. Laoura Salveta is a valuable asset to AskFX due to her extensive marketing experience and financial background. Learn more about Laoura Salveta and her insights into marketing in the crypto and forex space.
Leadership change at Tiger Global Management
Scott Shleifer is leaving his position as Head of Private Investments at Tiger Global Management. The company’s founder, Chase Coleman, will now be responsible for both public and private strategy. Shleifer was instrumental in founding Tiger Global’s venture arm. He will now move into a senior advisor role as he prefers Florida to New York, where the firm has its operations. This leadership transition is consistent with the Company’s changing business needs and geographic circumstances.
LSEG appoints Michel-Alain Proch as Chief Financial Officer
The London Stock Exchange Group has appointed Michel-Alain Proch as its next Chief Financial Officer (CFO). Proch will officially join the board on March 1, 2024. He is expected to take up his new role on February 26, 2024. Proch has a wide range of skills and experience as a CFO at global companies such as Publicis Groupe Ingenico Atos. David Schwimmer (CEO of LSEG) expressed his excitement about Proch’s contributions and highlighted his expertise in financial services infrastructure and data solutions companies. This appointment is in line with LSEG’s strategic growth objectives.
New Commissioners start at ASIC
ASIC Chairman Joe Longo welcomes Simone Constant as new Commissioners. They begin their five-year term. The Treasurer announced these appointments to bring new expertise to the regulator. The Commissioners, including Longo, Sarah Court, Karen Chester and Kate O’Rourke, will all play a critical role in maintaining consumer protections amid economic challenges. Simone Constant’s focus is on markets and retirement planning. Alan Kirkland’s responsibilities include insurance, credit advice, investments and financial advice. Kate O’Rourke’s involvement in banking, payments and audits, and insolvency and registers reflects a balanced approach to ASIC’s priorities.
Oliver Tonkin is appointed the new CEO of the BCB Group in the leadership change
Oliver Tonkin, the new CEO of the BCB Group (a provider of trading and business accounts for digital assets) was appointed immediately. Oliver von Landsberg Sadie will be replaced by Oliver Tonkin, who will take over the BCB Group. Oliver von Landsberg Sadie played a key role in securing Series A funding in the UK blockchain industry. As former Vice Chairman and General Counsel of BCB Group, Tonkin is well positioned to enhance the company’s reputation as a multi-jurisdictional provider of digital asset custody, trading and payment services. Tonkin’s extensive experience in the financial sector, which includes positions at a law firm and a boutique investment advisory firm, as well as at Hamilton Bradshaw Group and Galaxy Digital, prepares him for the role of CEO. Tonkin aims to take BCB Group to the next level, recognizing the company’s growth potential and opportunities in the digital assets industry. Find out more about Oliver Tonkin, Head of BCBarclays strengthens APAC presence with new appointment
Barclays appointed Jean-Baptiste Patois as Head of Equity Derivatives in the Asia Pacific region excluding strategic derivatives. Patois is an expert in equity-based derivatives and will help the bank expand its presence in this fast-growing market segment. His responsibilities include leadership in the Exotics & Flow Derivatives area. This underlines Barclays’ commitment to delivering exceptional results for its clients in APAC. Hossein Zaimi commented that his appointment as Head of Markets at Barclays for APAC is a testament to the focus on continually delivering outstanding results for our clients and achieving increasing returns in APAC.
Wedbush Securities Appoints New Managing Director
Wedbush Securities’ asset management division has been strengthened with the appointment of Lynn Sperandeo as Managing Director of Investments. Sperandeo has more than 40 years of experience in financial services and is known for its customer-centric approach. Sperandeo’s expertise will make a significant contribution to Wedbush Financial Services’ commitment to personalized and innovative financial services. “I have known Lynn for many years and I know her to be a no-nonsense woman who provides incredible concierge service to her clients. Craig Pirtle is the director of business development and expansion markets at Wedbush. He said, “I could.” “I couldn’t be happier to have Lynn as part of our wealth management team and to be part of the Wedbush story.”
Leadership reshuffle at Korea Investment & Securities
Kim Sung-hwan, the new CEO of Korea Investment & Securities, has succeeded Jung Il-moon, who is now vice chairman. This is part of a comprehensive management restructuring strategically designed to navigate the changing financial landscape. Jeon Chanwoo, the new CEO of Korea Investment Savings Bank, was also appointed. This is a sign that the bank is committed to promoting financial literacy and leadership skills.
Plaid Hires Adyen Executive to Drive European Growth
Plaid, an American fintech company, has appointed Brian Dammeir to lead its European operations. Brian Dammeir was previously at Adyen. This strategic move is crucial as Plaid expands its offering to include payments and lending. Plaid’s appointment demonstrates its commitment to open banking and financial services as well as its innovative efforts and global ambitions in the financial technology industry.
