Richard Teng Takes Over as CEO of Binance
Richard Teng, a Singaporean industry veteran who was recruited by Binance in 2021 to enhance its global compliance efforts, has been appointed as the chief executive officer of the world’s largest crypto exchange, succeeding Changpeng Zhao.
Teng first joined Binance as the CEO of Binance Singapore and was later appointed as head of regional markets in May. He has also held various roles overseeing the MENA region, the European region, and all regions outside of the U.S.
An Extensive Regulatory Experience
Prior to joining Binance, Teng served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. He also held the position of chief regulatory officer at the SGX, where he oversaw the regulation division for policy framework related to listing, trading, and clearing activities.
Teng has vast regulatory experience, having worked for 13 years at the Monetary Authority of Singapore, where he was involved in regulatory matters across banking, insurance, and capital market segments. His roles included director of corporate finance, and he played a key role in the transformation of Singapore’s financial services sector in the late 1990s.
Plans for the Future
In a statement released today, Teng expressed his intent to utilize his three decades of financial services and regulatory experience to lead the Binance team to a bright future. He emphasized the importance of ensuring the financial strength, security, and safety of the company for its users and highlighted the need for collaboration with regulators to uphold high standards globally while fostering innovation and providing consumer protections.
Changpeng Zhao, who stepped down as CEO, expressed confidence in Teng’s leadership, stating that he will guide the company through its next phase of growth, focusing on security, transparency, compliance, and overall growth.
Hot Take
As Binance undergoes this leadership transition, it is clear that Richard Teng’s extensive experience in financial services and regulation will play a crucial role in guiding the company towards its future goals. His commitment to ensuring user confidence, security, and collaboration with regulators reflects the continuous efforts to strengthen Binance’s position as a leading cryptocurrency exchange.
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