Everything You Need To Know About The New Binance CEO

Singaporean industry veteran Richard Teng, recruited by Binance in 2021 to enhance its global compliance efforts, has assumed the role of CEO (Chief Executive Officer) at the largest crypto exchange in the world, succeeding Changpeng Zhao (CZ) who recently resigned.

Zhao, stepping down as CEO, endorsed Teng as a highly qualified leader and expressed confidence that he would steer Binance through its next phase of growth, emphasizing the commitment to security, transparency, compliance, and overall expansion.

A wise choice

Teng initially joined Binance as the CEO of Binance Singapore and, most recently in May this year, took on the position of head of regional markets, following roles such as head of MENA. Binance made a statement which highlighted the various responsibilities Richard had in terms of covering the MENA and European regions and eventually overseeing all regions outside of the United States.

Before his tenure at Binance, Teng served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and as the Chief Regulatory Officer at SGX, leading the regulation division overseeing policy frameworks related to listing, trading, and clearing activities.

Working alongside regulators

Teng has extensive regulatory experience that spans 13 years at the MAS (Monetary Authority of Singapore), where he held many roles including Director of Corporate Finance. During his time at MAS, he played a significant role in regulatory matters across banking, insurance, and capital market segments, contributing to the rapid transformation of the financial services sector in Singapore.

In a statement on X, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide his new team, emphasizing a focus on ensuring that users remain confident in the financial strength, security, and safety that Binance provides. He also emphasized collaboration with regulators to maintain globally high standards that encourage innovation while ensuring consumer protections.