$ETH $BTC Richard Teng: Who is the new boss of Binance?

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Changpeng "CZ" Zhao's sudden resignation has taken the crypto world by storm. But who is Binance's new boss, Richard Teng? A native of Singapore, Mr Teng joined the world's largest crypto exchange a little more than two years ago as chief executive of Binance's Singapore business. That was the year Binance became the subject of a Justice Department investigation, and as regulatory scrutiny of the company and Mr Zhao intensified, Mr Teng rose quickly through the ranks behind the scenes.

In announcing his successor, Mr Zhao called Mr Teng a “highly qualified leader”, adding that “with more than three decades of experience in financial services and regulation, he will guide the company through its next period of growth”. Prior to joining Binance, Mr Teng worked in the more traditional financial and regulatory sectors as director of finance at the Monetary Authority of Singapore (MAS) and chief regulatory officer at the Singapore Stock Exchange (SGX). He then moved to become chief executive at Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates, where he remained for six years. ADGM regulates digital asset trading.

In March, US regulators attempted to ban the company, alleging it had been operating illegally in the country. The company is also accused of violating a number of US financial laws, including rules intended to prevent money laundering. The Department of Justice later ordered Binance to pay $4.3 billion (ÂŁ3.4 billion) in fines and disgorgement.

Nonetheless, Mr Teng has insisted that Binance is "here to stay", adding that the company's foundations are "stronger than ever".

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