Binance gets new CEO after Changpeng Zhao steps down: Who is Richard Teng?

Former founder-CEO Changpeng Zhao in a post on X has said he is looking forward to seeing the new leadership take the reins and asked his followers on X to join in congratulating new CEO Richard Teng 'on his well-deserved promotion'.

Founder-CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao has stepped down from his role after pleading guilty to breaking US anti-money laundering laws. As part of the deal, Zhao is not allowed to take on a management position in the company for the next three years, as per reports.

Thus, in his announcement on social media site X, formerly Twitter, Zhao announced that Richard Teng, Binance's global head of regional markets, will take over as CEO.

"I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao wrote.