Binance has named Richard Teng its new CEO after Changpeng Zhao stepped down from the role as part of a deal to settle an ongoing investigation following criminal charges in the US.
According to the deal, Zhao is prohibited from taking on a management position in the company for the next three years.
Richard Teng Succeeds Changpeng Zhao
The leadership transition at Binance occurred after former CEO Changpeng Zhao pleaded guilty to anti-money laundering violations and agreed to pay a fine of $50 million.
The deal was agreed upon with the United States Justice Department and aims to keep Binance operating as usual in the middle of a shifting regulatory landscape. Zhao stepping down as the CEO of Binance marks a crucial point for Binance, the world’s largest cryptocurrency exchange, as Teng steps into his new leadership role.
Teng is a veteran of the crypto industry in Singapore and was brought on board by Binance in 2021 to bolster the exchange’s global compliance work. He joined Binance as the CEO of Binance Singapore and was appointed as the head of regional markets as recently as May of this year after successfully fulfilling roles that included the head of MENA.
In a statement released by Binance, the exchange stated that Teng has held roles associated with the MENA region, the European region, and other regions outside the United States.
“Richard Teng is an experienced executive with over three decades of financial services and regulatory experience. Richard joined Binance in August 2021 as CEO of Binance Singapore. Soon thereafter, he held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.”
Prior to Binance, Teng was the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. He has also served as the chief regulatory officer at SGX, leading the division in charge of policy framework relating to the listing, trading, and clearing of activities.
Former Binance CEO Changpeng Zhao, in a post on X, stated,
“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.”
Regulatory Experience
Teng comes with significant regulatory experience, having worked with the Monetary Authority of Singapore for 13 years. Teng’s roles at the Monetary Authority of Singapore (MAS) included the director of corporate finance.
Teng was also closely involved with regulatory matters during his tenure at the MAS, spanning banking, insurance, and capital markets segments. This included the transformation of Singapore’s financial services sector in the late 90s, where he led efforts to develop capital market sectors and private banks.
Teng stated that he will work to reassure users that they can remain confident about the company’s financial strength, safety, and security. He added that he would work with regulators and uphold high standards that foster innovation while providing consumer protections. Shortly after taking over his new role, Teng posted on X, stating,
“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 dear. 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 also assured users shaken by recent developments that he would use all his experience to guide Binance and its team.
“The foundation on which Binance stands today is stronger than ever. To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team.”
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