In a major leadership change, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has been appointed as Binance’s CEO.

News of the appointment came on Tuesday, during a tumultuous day for the cryptocurrency industry, with Binance founder and CEO Changpeng Zhao (CZ) resigning following criminal charges in the U.S.

Getting Started with Binance Singapore

Teng, a Singaporean industry veteran, initially joined Binance in 2021 as CEO of Binance Singapore, demonstrating his efforts in strengthening the crypto giant's global compliance. His trajectory within the organization has been remarkable, from leading regional markets to eventually becoming CEO. Binance's official statement highlighted Teng's extensive experience, with him overseeing regions such as the Middle East and North Africa (MENA) and Europe, and ultimately all markets outside the United States.

Prior to joining Binance, Teng served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He assumed this position after serving as Chief Regulatory Officer at Singaporean multi-asset exchange SGX, where he demonstrated his leadership in the regulatory department, especially in developing policies related to listed trading and clearing activities.

Teng’s career was highlighted by a 13-year stint at the Monetary Authority of Singapore (MAS) in various roles, including Director of Corporate Finance. His involvement in banking, insurance and capital markets regulation, particularly during the transformation of Singapore’s financial services industry in the late 1990s, underscored his deep understanding of industry dynamics.

In a statement, Teng said he is committed to using his three decades of financial services and regulatory experience to guide Binance’s innovative team. He said on the X social media platform:

“We operate the world’s largest cryptocurrency exchange by volume. The trust placed in us by our 150 million users and thousands of employees is a responsibility I take seriously and cherish. With the support of CZ and our leadership team, I have accepted this role so that we can continue to meet and exceed stakeholder expectations while delivering on our core mission: the freedom of money.”

Setting Priorities

While the wider crypto community is still digesting Binance and CZ’s settlement agreements with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodity Futures Trading Commission (CFTC), and the Office of Foreign Assets Control (OFAC) over charges related to money laundering, unlicensed funds transmission, and sanctions violations, Teng has already laid out future goals.

Teng outlined that his focus will turn to “reassing users the confidence that they can have in the company’s financial strength, safety, and security”. Secondly, the industry veteran intends to focus on “working with regulators to uphold high standards around the world and foster innovation while providing important consumer protections”. Finally, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will be focusing.

Analysts at American multinational financial services giant JPMorgan said on Wednesday that they believe Binance’s settlement is positive for the cryptocurrency space as it removes uncertainty and risk for the company and the industry as a whole.

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