Changpeng Zhao, founder, and now former CEO of Binance, announced today that he is stepping down from his position. Having led Binance through rapid growth over the last six and a half years, Zhao expressed confidence that the time was ripe for him to hand over the reins.

Richard Teng, the previously Global Head of Regional Markets at Binance, has been appointed as the new CEO. Zhao reassured stakeholders that with Teng's more than thirty years of experience in financial services and regulation, Binance's future remains secure.

Prior to Binance, Teng held significant roles as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer of the Singapore Exchange, and Director of Corporate Finance in the Monetary Authority of Singapore.