Richard Teng Takes Over as Binance CEO
This week, Binance, the world’s largest cryptocurrency exchange, reached a significant settlement with the U.S. Department of Justice, resulting in fines of around $4.3 billion. As a result, CEO Changpeng Zhao (CZ) stepped down from his position. On Tuesday, CZ announced on Twitter that Richard Teng, Binance’s former Global Head of Regional Markets, would be taking over as the new CEO.
Teng brings a wealth of experience in the finance sector to his new role at Binance. He has held significant positions in regulatory and financial organizations such as the Singapore Exchange and Abu Dhabi Global Market. He also has over ten years of experience at the Monetary Authority of Singapore.
Expressing his gratitude for the appointment, Teng stated that he takes his responsibility as CEO seriously and aims to reinforce customer confidence, engage with regulatory bodies globally, and promote the adoption of Web3 through collaborations with partners.
Positive Reactions to Teng’s Appointment
Teng’s appointment as CEO received positive responses from industry figures. Tron founder Justin Sun welcomed Teng and expressed confidence that Binance would achieve new successes under his leadership. Adam Cochran, partner at Cinneamhain Ventures, expressed hope that Teng would raise the bar for the exchange and wished him success on their new journey.
Hot Take: Richard Teng Assumes Leadership at Binance
After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.”
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