What you need to know about Richard Teng, Binance’s new CEO
SINGAPOREAN Richard Teng is poised to take over as the face of one of the world’s largest crypto exchanges.
This comes after Binance chief executive Zhao Changpeng – also known as CZ – on Wednesday (Nov 22) resigned after pleading guilty to a US criminal charge of failure to protect against money laundering.
Teng, who is currently Binance’s head of all regional markets outside of the United States, will assume the responsibility for navigating the company as a years-long Justice Department investigation ends.
“It is an honour and with the deepest humility that I step into the role of Binance’s new CEO,” he said in a tweet on Wednesday.
“With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money,” he added.
But just who is Richard Teng? And how will he repair the damage to Binance’s image? The Business Times takes a closer look at Binance’s new CEO.
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Who is Richard Teng?
Teng is no stranger to those in the financial industry in Singapore – and beyond.
With over three decades of experience in the field, he has held key roles in the financial services and regulatory space in Singapore.
Teng served as director of corporate finance at the Monetary Authority of Singapore, and chief regulatory officer at the Singapore Exchange between 1994 and 2015.
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Immediately prior to joining Binance, Teng was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.
In August 2021, Teng joined Binance as the CEO of Binance Singapore. His time in the role was short-lived, however, as the exchange announced in December that year that it would wind up all its operations in Singapore by early 2022.
Soon thereafter, he held roles looking after the Middle East and North Africa region, the European region, and ultimately all regions outside of the US as the head of regional markets at Binance, the company said in a blog post on Wednesday.
He currently serves as an advisory board member of the Blockchain Association Singapore, and as international council member at the Global Fintech Institute.
Strong regulatory experience
Zhao on Tuesday pleaded guilty to breaking US anti-money laundering laws as part of a US$4.3 billion settlement.
He said on X, the social media platform formerly known as Twitter, that letting go of Binance had not been easy 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,” Zhao tweeted.
Announcing Teng’s appointment in the same tweet, Zhao said that his successor was a “highly qualified leader”.
He added that Teng, with over three decades of financial services and regulatory experience, 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.”
Looking ahead, Teng said that his focus as the new CEO will be to collaborate with regulators to “foster innovation while providing important consumer protections”.
He added that he will work with partners to drive growth and Web3 adoption, on top of maintaining user confidence in the company.
Teng tweeted: “We are here to stay. Please lend me your support. Excited for the days ahead!”
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