Evening News ｜ Richard Teng says it is too early to talk about "replacing Zhao Changpeng"; Multichain's some cross-chain bridges suspected to be back in operation
The Hong Kong Monetary Authority is formulating a regulatory framework for "stablecoins"; the Bitcoin Ordinals protocol has identified "cursed inscriptions."Organizer: flowie, ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Richard Teng: It's Too Early to Discuss 'Replacing Zhao Changpeng'; Binance Will Be Built into a Compliant New Organization
Richard Teng, head of Binance's regional markets, stated in an interview with CoinDesk that it is too early to speculate about him being groomed to "replace Zhao Changpeng as CEO of Binance." His new position is not even considered a promotion; it merely expands his responsibilities in assisting Zhao Changpeng in reviewing certain matters.
Teng pointed out, "If you look back over the past 18 to 24 months, you can see that Binance has undergone a significant shift towards compliance, but we acknowledge that there have been issues in the past. We want to address all these policy issues responsibly and continue to prove that we are a brand new organization."
A former Binance employee, who requested anonymity, revealed to CoinDesk, "Senior leadership and regulators have discussed behind closed doors and believe that Richard Teng is the only leader who can replace Zhao Changpeng and continue to build the company according to Zhao's vision. Teng can also help bridge the existing gap between the industry and regulators."
It is worth noting that Zhao Changpeng publicly stated at the end of July 2021 that the company had developed a succession plan, which coincided with Binance's re-hiring of Teng. Teng initially joined Binance as CEO of the Singapore operations and quickly rose through the ranks during the tumultuous period for digital assets.
ChainCatcher previously reported that, according to sources cited by Bloomberg, if Zhao Changpeng were to leave due to regulatory challenges, Richard Teng would become the next CEO of Binance. In late May, Zhao Changpeng appointed Richard Teng as head of all regional markets outside the U.S. According to LinkedIn, Richard Teng is 52 years old, a Singaporean, and worked for the Monetary Authority of Singapore for 13 years. He became the chief regulator at a Singapore securities trading platform in 2007 and later held senior positions in the Abu Dhabi International Free Trade Zone. He joined Binance in May 2021, focusing on supporting Binance's growth in a compliant and sustainable manner. (Source link)
2. 0xScope: Some Cross-Chain Bridges of Multichain Suspected to Be Resuming Operations
Bobie, founder of the Web3 knowledge graph protocol 0xScope, tweeted that the Zksync Era/Kava EVM/Avax C-Chain cross-chain bridges of Multichain are suspected to be resuming operations. However, the official Multichain social media account has not released any updates. (Source link)
3. Hong Kong Financial Secretary Xu Zhengyu: The Hong Kong Monetary Authority is Drafting a Regulatory Framework for 'Stablecoins' and Plans to Conduct a Second Round of Public Consultation This Year
Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in the Legislative Council's Financial Affairs Committee regarding the development of Hong Kong's fintech and other innovative financial services that the Financial Secretary will establish a dedicated task force to provide recommendations on how to promote the sustainable and responsible development of the Web3 industry. The Hong Kong Monetary Authority (HKMA) is drafting a regulatory framework for 'stablecoins' and plans to conduct a second round of public consultation within this year.
Xu Zhengyu mentioned that Hong Kong currently has over 800 fintech companies offering various innovative and convenient financial services, including mobile payments, cross-border remittances, blockchain, virtual banks, virtual insurance, and virtual asset trading. Additionally, the People's Bank of China Digital Currency Research Institute and the HKMA have already begun the second phase of digital renminbi cross-border payment technology testing last year, involving more Hong Kong banks and enhancing digital renminbi wallets through "Faster Payment System." (Source link)
4. Data: 58.88 Million SUI Generated from PoS Staking Since Sui Mainnet Launch
According to on-chain analyst Yu Jin's monitoring, the Sui network currently produces 1.11 million SUI per epoch (approximately 24 hours), and since the Sui mainnet launch, 53 epochs have passed, resulting in a total of 58.88 million SUI generated. Currently, 7.3 billion SUI are staked in the Sui network, meaning that approximately 405 million SUI are produced annually, all mined by unlocked project parties, investors, and foundations. The annual PoS output (405 million SUI) is close to the amount from OKX/KuCoin's public sale (450 million SUI). (Source link)
5. Bitcoin Ordinals Protocol Launches Version 0.6.0, Supporting Recognition of 'Cursed Inscriptions'
Raph, the new chief maintainer of the Bitcoin Ordinals protocol, announced on Twitter that the Ordinals protocol has launched version 0.6.0, which implements recognition of more types of inscriptions, including cursed inscriptions.
Leonidas, co-founder of Ord io, explained that before this version was launched, there were 70,000 invalid inscriptions, and after upgrading to 0.6.0, many previously invalid inscriptions can now be indexed by the Ordinals protocol as "cursed inscriptions." Normal inscriptions are assigned a positive number, while cursed inscriptions are assigned a negative number. The first cursed inscription was -1, and it is now -71,508.
The protocol sets a block activation height that allows specific types of cursed inscriptions to be indexed as normal positive inscriptions. Although the numbers for positive inscriptions will never change, the numbers for negative inscriptions can and will change. If new special cases are discovered and new types of cursed inscriptions are added, existing cursed inscriptions will be re-indexed, and new cursed inscriptions will be inserted, leading to shifts in the numbering of negative inscriptions. (Source link)
6. He Yi: Beware of Scams Using My 'Best Friend' Name
He Yi, co-founder of Binance, stated that some people claim to be my friends or Binance employees, promising that if you give them free tokens or let them invest in your project, they can help you secure Binance's investment or listing. This is a scam. He Yi said: Recently, the 'best friend' scheme has been widely circulated; please beware of scams using my 'best friend' name. If anyone uses this as an investment or listing leverage, public reports in any form are welcome. (Source link)
"What Are the Noteworthy Articles to Read in the Last 24 Hours"
An anonymous former Binance employee revealed to CoinDesk that "senior leadership and regulators have discussed behind closed doors and believe Richard Teng is the only leader who can replace Zhao Changpeng and continue to build the company according to his vision. At the same time, Richard Teng can help bridge the existing gap between the industry and regulators." This Binance executive has sparked public curiosity about Richard Teng's background.
On June 1, Hong Kong's "Guidelines for Virtual Asset Trading Platform Operators" officially came into effect. Just two days later, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, and Glenn "GT" Thompson, Chairman of the House Agriculture Committee, jointly released a discussion draft for a digital asset market framework aimed at providing a statutory regulatory framework for digital assets to further clarify regulatory gaps, promote innovation, and provide adequate consumer protection.
On the last day of May, Unisat officially launched domain trading, supporting .sat and .unisat domains. This feature, which has been circulating in the community for a long time, has finally been officially introduced to users. This domain asset based on the Bitcoin network has also become a "local hotspot" within the BTC ecosystem.
However, unlike the previous hype surrounding BRC-20 and Bitcoin NFTs, investor interest in domain asset trading seems to be significantly lower. Now that it has been launched for several days, how is its data performance, and is it worth investing in?
