On November 21, Binance Founder Changpeng Zhao (CZ) stepped down as the CEO as part of a pre-trial deal with the U.S. Department of Justice and announced that he would be succeeded by Richard Teng, who previously served as the head of regional markets. Here's what you need to know about the new CEO of the world's largest cryptocurrency exchange and how his former colleagues assess the platform's prospects under his leadership.
Who is Richard Teng (RT)
Veteran of the Singaporean fintech industry, Richard Teng joined #binance in 2021 as the CEO of Binance Singapore. However, his tenure in this position was short-lived: in December of the same year, the exchange announced the winding down of all its operations in Singapore.
Shortly after, he took charge of the Middle East and North Africa region, the European region, and eventually all regions outside the U.S. as the head of Binance's regional markets department.
Before joining Binance, Teng held the position of CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market (ADGM), as well as Chief Regulatory Officer at the Singapore Exchange, where he led the department responsible for listing, trading, and clearing policies.
Currently, he is a member of the advisory council of the Blockchain Association Singapore and a member of the international council of the Global Fintech Institute.
Extensive regulatory experience
Teng successfully completed his Master's in Applied Finance at the University of Western Australia with distinction and earned a First-Class Bachelor's degree in Accounting from Nanyang Technological University.
With significant expertise in the regulatory domain, Teng's LinkedIn profile indicates a notable 13-year tenure at the Monetary Authority of Singapore (MAS), overseeing financial activities and holding roles such as Director of Corporate Finance.
During his time at MAS, he actively participated in regulatory matters spanning the banking, insurance, and capital market segments. Notably, in the late 1990s, Teng spearheaded substantial transformations in Singapore's financial services sector, aimed at fostering private banking and capital market growth.
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…
Richard Teng, X
According to the new CEO, he will focus on convincing users of the financial stability, reliability, and #security of Binance. He will collaborate with regulatory bodies to uphold high standards globally, fostering innovation and ensuring crucial consumer protection. Additionally, he plans to continue working with the company's partners to stimulate growth and implement Web3.
Former colleagues' views on Teng
Changpeng Zhao, one of the first to comment on Teng's appointment, expressed his thoughts.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…CZ, X
Former Director of Binance in Asia and Eastern Europe, Gleb Kostarev, stated to ForkLog that Richard Teng has always been strong in terms of regulation and interaction with authorities.
Now it is especially important, as regulators will closely monitor Binance to ensure compliance with all necessary requirements. Additionally, Richard has worked in the regulator in the UAE, and the Middle East will continue to be one of the key hubs for the company.
Gleb Kostarev, forklog
Former Director of Binance in the CIS, Vladimir Smerkis, closely interacted with Teng in early 2023 when he began overseeing the exchange's regional markets.
He has proven himself to be a very caring, empathetic, and charismatic leader who is ready to provide practical advice and truly understands the intricacies of operations in the markets under his control.
Vladimir Smerkis, forklog
Binance now faces the challenging task of maintaining leadership positions amid ongoing investigations and providing access to the exchange's data to U.S. regulatory authorities. Likely, after Binance, regulatory pressure will shift to other leading trading platforms, including OKX, Bybit, Bitget, and others in terms of trading volumes.
Let's wish Richard Teng success in his new role and prosperity to Binance! 🙌