Richard Teng, the new CEO of Binance, is trying to carve out his own identity in the role, emphasizing a shift toward regulatory compliance and a more structured approach to corporate governance following the leadership of Changpeng Zhao (CZ).
When Richard Teng took over as CEO of Binance from his predecessor Changpeng Zhao in November, he was well aware that he was taking on a significant role. However, the new CEO of the worldâs largest cryptocurrency exchange insists he has no intention of becoming the next CZ â at least not in trying to match one of the industryâs most prominent figures.
âI cannot completely replace CZ's position and influence. I never intended to do so.â
In fact, Teng wants to leave his mark on Binance through innovation. He describes CZ as âa giant, an icon, a legend in the industry,â emphasizing the importance of CZâs legacy, an important business that he has entrusted to Teng and his management team.
Under Tengâs leadership, Binance has made a series of structural and strategic changes aimed at improving acceptance from new regulators and policies. He said the company has now adopted a more traditional corporate leadership model, including a three-member board of directors, and is focusing on hiring experts in the fields of compliance and legal, while also working to obtain multiple licenses to operate in new markets.
Teng, with a more cautious and less flamboyant style than CZ, has built an impressive career, serving as chief financial officer at Singapore's top regulator for 13 years, before joining Binance in 2021.
Under his leadership, Binance has made strides in securing operating licenses in Dubai, Kazakhstan, and Thailand, expanding into key emerging markets including India. These approvals reflect the companyâs focus on improving regulatory compliance.
The increased compliance comes amid increasingly stringent regulations, such as the European Markets in Cryptoassets Regulation (MiCA). Teng said:
âThe industry landscape has changed dramatically, with many new rules and regulations coming into place.â
While Binance has had its fair share of legal and regulatory issues in the past, Teng is trying to build a new image for the company. Under his leadership, Binance is preparing to establish a global headquarters, something the leaders have pledged to do to meet regulatory requirements.
Overall, Teng is working to make Binance a stronger business, while also establishing a serious and trustworthy image in the eyes of investors and regulators.
