Binance, the world's largest cryptocurrency exchange, is in the midst of a legal storm and upheaval following the announcement of founder Changpeng Zhao's resignation. Richard Teng, former global head of regional markets, has been appointed to replace CZ. Find out what you may not know about Binance's new CEO Richard Teng through this article.
Has more than 30 years of experience in the field of finance and management
The nomination of Richard Teng as CEO of Binance not only reflects high appreciation for his expertise but is also an important step in preparing for the regulatory challenges facing the cryptocurrency industry. electronic. His deep understanding of global financial markets and strong legal background have distinguished him in the financial regulatory environment.
Richard Teng holds a Master of Applied Finance from the University of Western Australia and a Bachelor of Accounting from Nanyang Technological University Singapore.Before joining Binance, since 2015, he served as CEO of the Financial Services Regulatory Authority (FSRA) at Abu Dhabi Global Market (ADGM). At ADGM, he made key contributions in shaping the framework for cryptocurrency and blockchain adoption in the UAE.
Prior to ADGM, Mr Teng served as Chief Executive Officer of the Singapore Exchange (SGX), where he worked closely with the Monetary Authority of Singapore, the central bank and the city's financial regulators. He has played a key role in developing policies and frameworks related to listing, trading, clearing, as well as providing regulatory solutions for new products and services.
In addition, Mr. Teng also contributes to the global financial community through his role as an International Council member at the Global FinTech Institute and as an Advisory Board member at the Singapore Blockchain Association. At the same time, he sat on the Board of Directors of Abu Dhabi-based Lulu Financial Group from 2021 to 2022.
These roles demonstrate that Mr. Teng is not only a financial leader, but also an influential regulator in the international community. Amid growing regulatory challenges facing the cryptocurrency industry, his knowledge and experience will play a key role in shaping Binance's strategy and future.
The “extraordinary legacy” at ADGM sets the stage for the future at Binance
During his 6 years working at ADGM (Abu Dhabi Global Market), under the able leadership of Mr. Teng, the agency has made many breakthroughs in creating "many firsts" in the field of fintech. in Abu Dhabi, UAE and Middle East and North Africa markets.
Some of his achievements include the first private real estate investment trust (REIT) regime to help real estate assets unlock value in this region, the first fintech regime to make the entire sector follows, the first tailor-made venture capital fund regulatory regime to align VC activities in ADGM to support the startup ecosystem, digital banking licensing regime digital first and API first guidance to support open banking.
Richard Teng also actively contributes to promoting the innovation program. Under his leadership, the Financial Services Regulatory Authority (FRSA) transformed its regulatory sandbox to version 2.0, known as the Digital Lab, placing ADGM at the forefront of facilitating conditions for innovation and development in a new model of cooperation between regulators, FinTechs and the financial industry.
ADGM led by Mr. Teng also created the first regulatory framework for digital assets, taking an important step in 2018 when the whole world was facing the challenge of regulating the crypto asset space. Richard Teng has applied the gold standard in regulating this space, not only focusing on financial crime risks but also addressing the full range of issues related to crypto asset operations.
Mr. Teng has achieved these successes with a humble, diligent and dedicated style, and has earned great respect from the global financial services community. His achievements at ADGM are outstanding and have won many awards, including Best International Financial Center (EMEA) 2020 by London-based Capital Finance International.
Some journalists have suggested he deserves a regulatory Oscar for his leadership in creating a world-class global financial center and regulator from the ground up in Abu Dhabi.
The position of Binance CEO has been decided from 2021
Richard Teng, an experienced financial expert and economic manager who has received strong support from powerful figures at Binance, Mr. Richard Teng joined this cryptocurrency exchange in 2021. After securing As CEO of Binance Singapore, he quickly rose through Binance's leadership system, becoming Director of all Binance markets outside the US in May 2023. At the same time, this also marked the period when rumors appeared about him replacing Changpeng Zhao (CZ) as CEO - Managing Director.
Bringing a reputable person with a legal background like Mr. Teng to the position of Binance's Global Market Director is expected to have the goal of preparing for legal issues affecting the exchange. Through the "legal turmoil" of 2021, CZ once discussed the possibility of resigning to meet the demands of financial authorities, creating conditions for the inclusion of people with strong legal backgrounds. strong.
At that time, the lack of an official headquarters and signs of choosing Dubai (UAE) as a location could be one of the reasons why Binance attracted the attention of regulators. The arrival of Richard Teng in this key position could mark a new strategic move, positioning Binance to prepare for regulatory challenges and strengthen its commitment to global regulatory compliance.
Facing many challenges at Binance
In a previous Binance interview, spokesperson Simon Matthews admitted that the company had lacked "the appropriate compliance controls for the company as it was rapidly growing" and that it had put in place " many wrong decisions" along the way.
Matthews emphasized the role of Richard Teng, describing him as someone who helped Binance grow and overcome historical challenges. He also stated that Binance has been actively implementing organizational restructuring, personnel, and system upgrades.
However, Carol Alexander, a professor of finance at the University of Sussex, points out that leading a cultural change at Binance, a company shaped in the image of Changpeng Zhao, will be a "huge task". difficult" for Richard Teng. She noted that investors withdrew nearly $1 billion from Binance in the 24 hours after CZ resigned, a signal that big challenges await Richard Teng, who previously ran the regional market. Binance area.
Committed to opening a "new path" for Binance
After the appointment announcement, as the new CEO of Binance, he made important strategic commitments to reshape the image and strategy of the world's largest cryptocurrency exchange. On platform X, he shared that Binance will focus on three main focuses, including: strengthening customer trust; coordinate with regulators to promote innovation and provide user protections; Promote the development of Web3 .
Under his leadership, Binance is expected to have significant strategic transformations. This includes a strong focus on compliance with standards, ensuring that the company operates stably, actively cooperating with authorities. Teng aims to build solid relationships with global financial regulators, reduce regulatory pressure, and create a stable environment for Binance's growth. This strategy emphasizes the goal of long-term and sustainable expansion.
Richard Teng is also committed to enhancing customer security and enhancing trust through transparent policies. He also made a commitment to promoting innovation in the cryptocurrency space.
However, these commitments may face skepticism from customers and regulators. Experts note that although Richard Teng has strong experience in legal and financial market operations, this is still a big challenge. Law professor Yesha Yadav noted that concrete steps are needed to replicate Binance's operating model.
Changing the head with new leadership strategies can also be a disadvantage for the exchange. There are many opinions that as CEO, Teng will "traditionalize" Binance to comply with the law, avoiding legal problems from regulatory agencies. This approach may cause Binance to slow down in the short term.
According to a recent share, Binance will apply a conventional company structure, establish a board of directors, determine a headquarters address and provide transparent financial reports. The specific time for the establishment of the board of directors and the disclosure of financial reports has not yet been announced.
