CZ’s Announcement
Binance, the world’s largest cryptocurrency exchange, has announced that Richard Teng will be taking over as CEO, replacing Changpeng Zhao (CZ). The announcement comes after CZ pleaded guilty to insider trading charges and stepped down from the position. In an announcement on social media, CZ said that he is “pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
Who is Richard Teng?
Richard Teng, who previously served as Binance’s Global Head of Regional Markets, brings over three decades of financial services and regulatory experience to the role. Prior to joining Binance, Teng held senior positions at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), the Singapore Exchange (SGX), and the Monetary Authority of Singapore. As CEO, he will oversee Binance’s next phase of growth, with a focus on security, transparency, compliance, and expansion. The announcement follows the resignation of Binance’s previous CEO, Changpeng Zhao, who will remain available to the team as a consultant.
Richard Teng Aims to Strengthen Binance as CEO
In a statement on Twitter, Teng expressed his deepest humility and honor in stepping into the role, acknowledging the trust placed in Binance by its 150 million users and thousands of employees. He emphasized that this responsibility is one he takes seriously and holds dear. Teng’s focus as CEO will be threefold: reassuring users of the financial strength, security, and safety of the company, collaborating with regulators to uphold high standards globally, and working with partners to drive growth and adoption of Web 3. With CZ’s and the leadership team’s support, Teng is confident that Binance will continue to meet and exceed the expectations of stakeholders while achieving its core mission, the freedom of money.
Hot Take: The Future of Binance Under New CEO Richard Teng
Richard Teng’s extensive experience in the industry and strong leadership skills make him a suitable candidate for the CEO position. As he takes on this new role, he invites the community’s support and looks forward to a bright future for Binance.
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