Richard Teng has assumed the CEO role at Binance, the world’s largest cryptocurrency company, with a valuation of $60 billion.
This announcement came after the sudden departure of the founder, Changpeng Zhao, amidst legal challenges.
Changpeng Zhao relaid Richard Teng’s appointment news through X’s (formerly Twitter) announcement. Teng, formerly the Global Head of Regional Markets, is now tasked with leading the company into its next phase.
In the social media post, Teng acknowledged the new responsibility, saying, “It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
“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.
“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.
“My focus will be on:
- Reassuring users that they can remain confident in the financial strength, security and safety of the company.
- Collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.
- Working with partners to drive growth and adoption of Web3 We are here to stay.
Please lend me your support. I am excited for the days ahead!”
Richard Teng’s Background
The CEO of Binance, Richard Teng, has an extensive background in the financial industry and regulatory affairs spanning over three decades. His journey with Binance began in August 2021 when he assumed the CEO role for Binance Singapore.
In his prior position as the Head of Regional Markets at Binance, Teng was responsible for overseeing all regions outside the United States. He focused on fostering strategic alliances, cultivating an innovation environment, and advancing the Bitcoin ecosystem across different locations. In this capacity, he led and coordinated regional teams.
Before joining Binance, Teng served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), showcasing his prowess as one of the world’s most innovative regulators.
Teng’s educational credentials include a Masters in Applied Finance (Distinction) from the University of Western Australia and a First Class Bachelor of Accountancy from Nanyang Technological University.
His extensive professional journey also encompasses notable roles such as the Singapore Exchange (SGX) Chief Regulatory Officer and Director of Corporate Finance at the Monetary Authority of Singapore.
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