Who is Richard Teng, the newly appointed CEO of Binance
Binance, the world's largest cryptocurrency exchange, has named Singaporean businessman and former regulator Richard Teng as its new CEO. Teng takes over from Changpeng Zhao, who has stepped down after pleading guilty to violating US anti-money laundering regulations. Zhao was released from custody on a $175 million bond and faces an 18-month prison term. With over 30 years of experience in financial services and regulation, Teng is expected to guide Binance through its next growth phase.
Teng's background and experience
Born in 1971, Teng earned a bachelor's degree in accountancy from the National University of Singapore and an MBA from the University of Chicago. He started his career as an auditor at PricewaterhouseCoopers (PwC) before joining the Monetary Authority of Singapore (MAS) in 1997. Teng held senior roles at MAS and the Singapore Exchange (SGX) before becoming CEO of the Financial Services Regulatory Authority in Abu Dhabi.
Teng's role at Binance Singapore
In August 2021, Teng became CEO of Binance Singapore, the top fiat-to-crypto platform for trading cryptocurrencies in Singapore dollars (SGD). His responsibilities included expanding the business and ensuring compliance with local laws and regulations. Teng aimed to build a positive, collaborative relationship with MAS and other key players in the crypto space.
Rapid rise to head of regional markets
After just five months as CEO of Binance Singapore, Teng was promoted to Binance's Regional Head of Europe, Asia, and the Middle East and North Africa in April 2023. He later became Head of Regional Markets in May before being appointed as Binance's CEO. Announcing his successor, Zhao described Teng as a "highly qualified leader."
Teng's vision for Binance
Upon becoming Binance's new CEO, Teng expressed his gratitude and humility for the opportunity. He plans to prioritize trust, transparency, and compliance for Binance and the crypto industry. Teng also wants to reassure Binance's 15 crore users about "the financial strength, security, and safety of the company." Despite recent challenges, Teng emphasized that Binance is "here to stay" and its foundation is "stronger than ever."
