Binance, FXCM, The Trading Pit and More: Executive Moves of the Week

This week, the financial industry has been abuzz with major developments, especially in the realms of forex, cryptocurrency, and fintech. These changes underscore the ever-evolving nature of financial technology, where notable executive moves have taken center stage.

First and foremost, a surprising turn of events at Binance as Changpeng Zhao steps down following his guilty plea for violating US anti-money laundering laws. Richard Teng has stepped into CZ’s shoes, assuming the role of Chief Executive Officer at Binance. In another significant move, Tradu, FXCM’s sister company, welcomes Mark Faulkner as the new VP and CFO. Meanwhile, Oliver Tonkin has taken the reins as the new CEO of BCB Group. On a different front, Tiger Global Management’s leadership undergoes a transformation, with Scott Shleifer’s departure reflecting the firm’s evolving strategies and global considerations.

These are just glimpses of a week filled with transformative executive moves, reshaping the landscape of financial technology. Dive deeper into these significant moves in forex, crypto, and fintech leadership in our comprehensive weekly roundup. Stay tuned as we delve into the implications and intricacies of these developments.

Executive Moves of the Week

Changpeng Zhao

Changpeng Zhao

Binance CEO Changpeng Zhao to Step Down in $4B DOJ Settlement: Report

Binance’s CEO, Changpeng Zhao, is set to resign and has pleaded guilty to violating US anti-money laundering laws in a $4.3 billion settlement with the Department of Justice (DOJ). This development follows investigations into Binance’s operations, including allegations of enabling transactions from sanctioned countries and other regulatory concerns. Last year, federal prosecutors in the US sought extensive records related to Zhao and Binance as part of a probe into potential non-compliance with financial crime laws.

The investigation revolved around whether Binance violated the Bank Secrecy Act, which requires crypto exchanges conducting substantial business in the US to comply with anti-money laundering regulations. Zhao expressed his resignation, acknowledging past mistakes and the need to take responsibility. The SEC has also escalated its confrontation with Binance, bringing multiple charges related to operating illegal trading platforms and offering unregistered crypto assets.

Uncover more about the complex legal challenges and regulatory scrutiny surrounding Binance and its CEO’s decision to step down.

Richard Teng

Richard Teng. Source: LinkedIn

Former Regulatory Executive Replaces Changpeng Zhao as Binance CEO

Richard Teng, previously the Head of Regional Markets at Binance, has assumed the position of Chief Executive Officer at the cryptocurrency exchange following Changpeng Zhao’s departure. Teng, who had served at Binance in various executive roles for over two years, brings a significant regulatory background to his new role. Notably, he spent 13 years at the Singaporean financial market regulator and served as the Chief Regulatory Officer at the Singapore Exchange.

This leadership change comes as Zhao faces criminal money laundering charges in the United States. As the Founder of Binance, he led the company since its inception in 2017. In response to Teng’s appointment, Zhao expressed confidence in his qualifications and extensive financial services and regulatory experience.

Teng’s priorities as CEO include ensuring the company’s financial strength, security, and collaboration with regulators to uphold global standards and consumer protections. Binance has a history of hiring former regulatory executives, reflecting a commitment to regulatory compliance.

Learn more about Richard Teng’s role as Binance CEO and the company’s evolving strategy under his leadership.

FXCM’s New Sister Trading Platform Welcomes Vice President and CFO

FXCM has introduced Maryke Faulkner as the Group Chief Finance Officer for its sister trading platform, Tradu. With a history at FXCM spanning several roles, including Group CFO and Finance Director for Europe, Faulkner brings a wealth of financial expertise to her new position. Bobby Nachev assumes the role of Vice President at Tradu, having previously served as VP at FXCM Pro.

FXCM’s CEO Brendan Callan unveiled Tradu during the Finance Magnates London Summit (FMLS:23), highlighting its mission to address gaps in the multi-asset trading industry. The platform is scheduled for a UK release by December, with global expansion plans in the pipeline. Tradu will cater to traders and investors, complementing FXCM’s existing services with integrated banking and payment solutions.

FXCM’s strategic rebranding of its UK and Cyprus subsidiaries as Stratos Markets and Stratos Europe signals a significant shift in the company’s European operations, emphasizing flexibility and adaptability in the evolving financial landscape.

Unveil more about FXCM’s expansion efforts and the strategic positioning of Tradu in the multi-asset trading sector.

Hakam Thajli

Hakam Thajli

The Trading Pit Appoints
New Dealing Head

The Trading Pit, a
proprietary trading company, has announced that Hakam Thajli has been added to its team as the new Head of Dealing.

“I’m happy
to share that I’m starting a new position as Head of Dealing at The Trading Pit,”
Thajli commented on his LinkedIn profile.

Previously, he served Orbex, Vinson Financial, and Falcon Brokers, however, he began his financial career more than two decades ago.

LS

Laoura Salveta

CFDs Marketing Expert Laoura Salveta Joins Cointelegraph

Laoura Salveta, a marketing executive in the forex and CFDs sector, has taken on the role of Marketing Advisor at Cointelegraph, a crypto-focused media outlet. Salveta’s appointment was announced during the Finance Magnates London Summit (FMLS:23) where she is also participating in a panel discussion on modern broker marketing strategies.

Salveta hinted at an upcoming project and added Cointelegraph’s signature illustrated profile images to her LinkedIn. Previously, she served as the Chief Marketing Officer at Red Acre, overseeing the prop trading platform FundedPro. Before that, she held positions at BridgerPay and 120ADVERTISING, gaining prominence in the FX and CFDs industry. Her career began in marketing before transitioning into financial services.

Laoura Salveta’s extensive experience in marketing and the financial industry makes her a valuable addition to Cointelegraph.

Discover more about Laoura Salveta’s insights on marketing in the crypto and forex sectors and her contributions to Cointelegraph.

Tiger Global

Leadership Shift at Tiger Global Management

Scott Shleifer, the Head of Private Investments at Tiger Global Management, is stepping down from his role, and the firm’s Founder, Chase Coleman, will now oversee both public and private investment strategies.

Shleifer, instrumental in launching Tiger Global’s venture arm, will transition to a senior advisor role due to his preference for Florida, in contrast to the firm’s New York operations. This shift in leadership aligns with the firm’s evolving business and geographic considerations.

Michel-Alain Proch

Michel-Alain Proch

LSEG Appoints Michel-Alain Proch as Chief Financial Officer

The London Stock Exchange Group (LSEG) has named Michel-Alain Proch as its upcoming Chief Financial Officer (CFO). Proch is set to assume his role on February 26, 2024, and officially join the Board on March 1, 2024. With a wealth of CFO experience at globally recognized companies such as Publicis Groupe, Ingenico, and Atos, Proch brings a diverse skill set to LSEG.

David Schwimmer, LSEG’s CEO, expressed his anticipation of Proch’s contribution, emphasizing his expertise in financial infrastructure and data solutions firms. This appointment aligns with LSEG’s strategic growth objectives.

ASIC

New Commissioners Commence at ASIC

ASIC’s Chairman, Joe Longo, welcomes Simone Constant and Alan Kirkland as new Commissioners, commencing their 5-year terms. These appointments, announced by the Treasurer, bring fresh expertise to the regulatory body. Alongside Longo, Deputy Chairs Sarah Court and Karen Chester, as well as Kate O’Rourke, the Commissioners will play crucial roles in maintaining consumer protection amidst economic challenges.

Simone Constant’s focus on markets and superannuation, Alan Kirkland’s responsibilities encompassing insurance, credit, financial advice, and investments, and Kate O’Rourke’s involvement in banking, payments, audit, insolvency, and registers signal a well-rounded approach to ASIC’s strategic priorities.

Oliver Tonkin

Oliver Tonkin, CEO, BCB Group

BCB Group Names Oliver Tonkin as New CEO in Leadership Transition

BCB Group, a provider of business accounts and trading services for the digital asset economy, has appointed Oliver Tonkin as its new CEO, effective immediately. Tonkin takes over from Oliver von Landsberg-Sadie, who played a pivotal role in securing significant Series A funding for the UK blockchain industry, establishing BCB Group as a recognized player in the crypto landscape.

As the Co-Founder, former Deputy CEO, and General Counsel of BCB Group, Tonkin is well-positioned to enhance the company’s status as a multi-jurisdictional regulated provider of payment, trading, and custody services for the digital asset industry. His extensive background in the financial services sector, including roles at a city law firm, a boutique investment advisory firm, and experience at firms like Galaxy Digital and Hamilton Bradshaw Group, equips him for his role as CEO.

Tonkin expressed his commitment to scaling BCB Group to new heights, recognizing the company’s growth potential and the opportunities in the digital asset industry.

Find out more about Oliver Tonkin’s leadership at BCB Group and the company’s role in providing essential infrastructure to the digital asset industry.

barclays

Barclays Strengthens APAC Presence with New Appointment

Barclays has named Jean-Baptiste Patois as the Head of Equity Derivatives for the Asia Pacific region, excluding Strategic Derivatives. Patois, an expert in equity derivatives, is set to bolster the bank’s presence in this rapidly expanding market segment. His responsibilities will encompass leadership in Exotics and Flow Derivatives, underscoring Barclays’ commitment to delivering exceptional outcomes for clients in APAC.

Hossein Zaimi, the Head of Markets for APAC at Barclays, commented, “His appointment is testament to our focused efforts in consistently delivering outstanding results for our clients and driving accretive returns in APAC.”

Lynn Sperandeo

Lynn Sperandeo

Wedbush Securities Appoints New Managing Director

Wedbush Securities has enhanced its Wealth Management division with the appointment of Lynn Sperandeo as the Managing Director of Investments. With over four decades of experience in the financial services industry, Sperandeo is known for her client-centric approach. Her expertise is expected to significantly contribute to Wedbush’s commitment to innovative and personalized financial services.

“I have known Lynn for years and have known her as a straight shooter that provides amazing concierge service to her clients. I couldn’t be more excited to have her as part of our wealth management team and being a part of the Wedbush story,” said Craig Pirtle, the Head of Business Development and Expansion Markets at Wedbush.

Uncover more about the complex legal challenges and regulatory scrutiny surrounding Binance and its CEO’s decision to step down.

Leadership Reshuffle at
Korea Investment & Securities

Korea Investment & Securities has undergone a significant leadership change with Kim Sung-hwan taking the helm as the new CEO, succeeding Jung Il-moon, who now serves as Vice Chairman. This move is part of a broader management restructuring, strategically designed to navigate evolving financial landscapes.

In addition to the CEO transition, Jeon Chan-woo has been appointed as the CEO of Korea Investment Savings Bank, signaling the company’s commitment to fostering leadership and financial expertise.

Brian Dammeir

Brian Dammeir

Plaid Hires Adyen Executive for European Growth

Plaid, a US fintech company, has appointed Brian Dammeir, formerly of Adyen, to lead its European operations. This strategic move is pivotal as Plaid broadens its offerings to encompass payments and lending, expanding beyond data retrieval.

The appointment underscores Plaid’s commitment to exploring open banking and finance, emphasizing its global aspirations and innovative endeavors within the financial technology sector.

This week, the financial industry has been abuzz with major developments, especially in the realms of forex, cryptocurrency, and fintech. These changes underscore the ever-evolving nature of financial technology, where notable executive moves have taken center stage.

First and foremost, a surprising turn of events at Binance as Changpeng Zhao steps down following his guilty plea for violating US anti-money laundering laws. Richard Teng has stepped into CZ’s shoes, assuming the role of Chief Executive Officer at Binance. In another significant move, Tradu, FXCM’s sister company, welcomes Mark Faulkner as the new VP and CFO. Meanwhile, Oliver Tonkin has taken the reins as the new CEO of BCB Group. On a different front, Tiger Global Management’s leadership undergoes a transformation, with Scott Shleifer’s departure reflecting the firm’s evolving strategies and global considerations.

These are just glimpses of a week filled with transformative executive moves, reshaping the landscape of financial technology. Dive deeper into these significant moves in forex, crypto, and fintech leadership in our comprehensive weekly roundup. Stay tuned as we delve into the implications and intricacies of these developments.

Executive Moves of the Week

Changpeng Zhao

Changpeng Zhao

Binance CEO Changpeng Zhao to Step Down in $4B DOJ Settlement: Report

Binance’s CEO, Changpeng Zhao, is set to resign and has pleaded guilty to violating US anti-money laundering laws in a $4.3 billion settlement with the Department of Justice (DOJ). This development follows investigations into Binance’s operations, including allegations of enabling transactions from sanctioned countries and other regulatory concerns. Last year, federal prosecutors in the US sought extensive records related to Zhao and Binance as part of a probe into potential non-compliance with financial crime laws.

The investigation revolved around whether Binance violated the Bank Secrecy Act, which requires crypto exchanges conducting substantial business in the US to comply with anti-money laundering regulations. Zhao expressed his resignation, acknowledging past mistakes and the need to take responsibility. The SEC has also escalated its confrontation with Binance, bringing multiple charges related to operating illegal trading platforms and offering unregistered crypto assets.

Uncover more about the complex legal challenges and regulatory scrutiny surrounding Binance and its CEO’s decision to step down.

Richard Teng

Richard Teng. Source: LinkedIn

Former Regulatory Executive Replaces Changpeng Zhao as Binance CEO

Richard Teng, previously the Head of Regional Markets at Binance, has assumed the position of Chief Executive Officer at the cryptocurrency exchange following Changpeng Zhao’s departure. Teng, who had served at Binance in various executive roles for over two years, brings a significant regulatory background to his new role. Notably, he spent 13 years at the Singaporean financial market regulator and served as the Chief Regulatory Officer at the Singapore Exchange.

This leadership change comes as Zhao faces criminal money laundering charges in the United States. As the Founder of Binance, he led the company since its inception in 2017. In response to Teng’s appointment, Zhao expressed confidence in his qualifications and extensive financial services and regulatory experience.

Teng’s priorities as CEO include ensuring the company’s financial strength, security, and collaboration with regulators to uphold global standards and consumer protections. Binance has a history of hiring former regulatory executives, reflecting a commitment to regulatory compliance.

Learn more about Richard Teng’s role as Binance CEO and the company’s evolving strategy under his leadership.

FXCM’s New Sister Trading Platform Welcomes Vice President and CFO

FXCM has introduced Maryke Faulkner as the Group Chief Finance Officer for its sister trading platform, Tradu. With a history at FXCM spanning several roles, including Group CFO and Finance Director for Europe, Faulkner brings a wealth of financial expertise to her new position. Bobby Nachev assumes the role of Vice President at Tradu, having previously served as VP at FXCM Pro.

FXCM’s CEO Brendan Callan unveiled Tradu during the Finance Magnates London Summit (FMLS:23), highlighting its mission to address gaps in the multi-asset trading industry. The platform is scheduled for a UK release by December, with global expansion plans in the pipeline. Tradu will cater to traders and investors, complementing FXCM’s existing services with integrated banking and payment solutions.

FXCM’s strategic rebranding of its UK and Cyprus subsidiaries as Stratos Markets and Stratos Europe signals a significant shift in the company’s European operations, emphasizing flexibility and adaptability in the evolving financial landscape.

Unveil more about FXCM’s expansion efforts and the strategic positioning of Tradu in the multi-asset trading sector.

Hakam Thajli

Hakam Thajli

The Trading Pit Appoints
New Dealing Head

The Trading Pit, a
proprietary trading company, has announced that Hakam Thajli has been added to its team as the new Head of Dealing.

“I’m happy
to share that I’m starting a new position as Head of Dealing at The Trading Pit,”
Thajli commented on his LinkedIn profile.

Previously, he served Orbex, Vinson Financial, and Falcon Brokers, however, he began his financial career more than two decades ago.

LS

Laoura Salveta

CFDs Marketing Expert Laoura Salveta Joins Cointelegraph

Laoura Salveta, a marketing executive in the forex and CFDs sector, has taken on the role of Marketing Advisor at Cointelegraph, a crypto-focused media outlet. Salveta’s appointment was announced during the Finance Magnates London Summit (FMLS:23) where she is also participating in a panel discussion on modern broker marketing strategies.

Salveta hinted at an upcoming project and added Cointelegraph’s signature illustrated profile images to her LinkedIn. Previously, she served as the Chief Marketing Officer at Red Acre, overseeing the prop trading platform FundedPro. Before that, she held positions at BridgerPay and 120ADVERTISING, gaining prominence in the FX and CFDs industry. Her career began in marketing before transitioning into financial services.

Laoura Salveta’s extensive experience in marketing and the financial industry makes her a valuable addition to Cointelegraph.

Discover more about Laoura Salveta’s insights on marketing in the crypto and forex sectors and her contributions to Cointelegraph.

Tiger Global

Leadership Shift at Tiger Global Management

Scott Shleifer, the Head of Private Investments at Tiger Global Management, is stepping down from his role, and the firm’s Founder, Chase Coleman, will now oversee both public and private investment strategies.

Shleifer, instrumental in launching Tiger Global’s venture arm, will transition to a senior advisor role due to his preference for Florida, in contrast to the firm’s New York operations. This shift in leadership aligns with the firm’s evolving business and geographic considerations.

Michel-Alain Proch

Michel-Alain Proch

LSEG Appoints Michel-Alain Proch as Chief Financial Officer

The London Stock Exchange Group (LSEG) has named Michel-Alain Proch as its upcoming Chief Financial Officer (CFO). Proch is set to assume his role on February 26, 2024, and officially join the Board on March 1, 2024. With a wealth of CFO experience at globally recognized companies such as Publicis Groupe, Ingenico, and Atos, Proch brings a diverse skill set to LSEG.

David Schwimmer, LSEG’s CEO, expressed his anticipation of Proch’s contribution, emphasizing his expertise in financial infrastructure and data solutions firms. This appointment aligns with LSEG’s strategic growth objectives.

ASIC

New Commissioners Commence at ASIC

ASIC’s Chairman, Joe Longo, welcomes Simone Constant and Alan Kirkland as new Commissioners, commencing their 5-year terms. These appointments, announced by the Treasurer, bring fresh expertise to the regulatory body. Alongside Longo, Deputy Chairs Sarah Court and Karen Chester, as well as Kate O’Rourke, the Commissioners will play crucial roles in maintaining consumer protection amidst economic challenges.

Simone Constant’s focus on markets and superannuation, Alan Kirkland’s responsibilities encompassing insurance, credit, financial advice, and investments, and Kate O’Rourke’s involvement in banking, payments, audit, insolvency, and registers signal a well-rounded approach to ASIC’s strategic priorities.

Oliver Tonkin

Oliver Tonkin, CEO, BCB Group

BCB Group Names Oliver Tonkin as New CEO in Leadership Transition

BCB Group, a provider of business accounts and trading services for the digital asset economy, has appointed Oliver Tonkin as its new CEO, effective immediately. Tonkin takes over from Oliver von Landsberg-Sadie, who played a pivotal role in securing significant Series A funding for the UK blockchain industry, establishing BCB Group as a recognized player in the crypto landscape.

As the Co-Founder, former Deputy CEO, and General Counsel of BCB Group, Tonkin is well-positioned to enhance the company’s status as a multi-jurisdictional regulated provider of payment, trading, and custody services for the digital asset industry. His extensive background in the financial services sector, including roles at a city law firm, a boutique investment advisory firm, and experience at firms like Galaxy Digital and Hamilton Bradshaw Group, equips him for his role as CEO.

Tonkin expressed his commitment to scaling BCB Group to new heights, recognizing the company’s growth potential and the opportunities in the digital asset industry.

Find out more about Oliver Tonkin’s leadership at BCB Group and the company’s role in providing essential infrastructure to the digital asset industry.

barclays

Barclays Strengthens APAC Presence with New Appointment

Barclays has named Jean-Baptiste Patois as the Head of Equity Derivatives for the Asia Pacific region, excluding Strategic Derivatives. Patois, an expert in equity derivatives, is set to bolster the bank’s presence in this rapidly expanding market segment. His responsibilities will encompass leadership in Exotics and Flow Derivatives, underscoring Barclays’ commitment to delivering exceptional outcomes for clients in APAC.

Hossein Zaimi, the Head of Markets for APAC at Barclays, commented, “His appointment is testament to our focused efforts in consistently delivering outstanding results for our clients and driving accretive returns in APAC.”

Lynn Sperandeo

Lynn Sperandeo

Wedbush Securities Appoints New Managing Director

Wedbush Securities has enhanced its Wealth Management division with the appointment of Lynn Sperandeo as the Managing Director of Investments. With over four decades of experience in the financial services industry, Sperandeo is known for her client-centric approach. Her expertise is expected to significantly contribute to Wedbush’s commitment to innovative and personalized financial services.

“I have known Lynn for years and have known her as a straight shooter that provides amazing concierge service to her clients. I couldn’t be more excited to have her as part of our wealth management team and being a part of the Wedbush story,” said Craig Pirtle, the Head of Business Development and Expansion Markets at Wedbush.

Uncover more about the complex legal challenges and regulatory scrutiny surrounding Binance and its CEO’s decision to step down.

Leadership Reshuffle at
Korea Investment & Securities

Korea Investment & Securities has undergone a significant leadership change with Kim Sung-hwan taking the helm as the new CEO, succeeding Jung Il-moon, who now serves as Vice Chairman. This move is part of a broader management restructuring, strategically designed to navigate evolving financial landscapes.

In addition to the CEO transition, Jeon Chan-woo has been appointed as the CEO of Korea Investment Savings Bank, signaling the company’s commitment to fostering leadership and financial expertise.

Brian Dammeir

Brian Dammeir

Plaid Hires Adyen Executive for European Growth

Plaid, a US fintech company, has appointed Brian Dammeir, formerly of Adyen, to lead its European operations. This strategic move is pivotal as Plaid broadens its offerings to encompass payments and lending, expanding beyond data retrieval.

The appointment underscores Plaid’s commitment to exploring open banking and finance, emphasizing its global aspirations and innovative endeavors within the financial technology sector.