22-11-2023 (SINGAPORE) Richard Teng, the former chief regulatory officer of the Singapore Exchange (SGX) and director of corporate finance at the Monetary Authority of Singapore (MAS), has taken over as the CEO of Binance, succeeding Zhao Changpeng. This leadership change comes as Zhao stepped down on Tuesday (Nov 21) and pleaded guilty to violating US money laundering laws as part of a massive $4.3 billion settlement, thereby resolving a long-running investigation into the world’s largest cryptocurrency exchange.
Mr. Teng’s credentials include a bachelor’s degree in accountancy from Nanyang Technological University (NTU) and a master’s degree in applied finance from the University of Western Australia, as stated on his biography on Binance’s website. Prior to joining Binance, he served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. In August 2021, Mr. Teng joined Binance as the CEO of Binance Singapore and subsequently held various roles overseeing different regions, including the Middle East and North Africa, Europe, and eventually all regions outside of the US as the head of regional markets.
Expressing his gratitude, Mr. Teng wrote on LinkedIn and X that he considers it “an honour and with the deepest humility” to assume the role of Binance’s CEO. He acknowledged the significant trust placed in the company by its 150 million users and thousands of employees, emphasizing that he takes this responsibility seriously.
As the new CEO, Mr. Teng stated that his primary focus will be on reassuring users about the financial strength, security, and safety of Binance. He also expressed his commitment to collaborating with regulators to uphold high global standards that encourage innovation while ensuring consumer protections. Additionally, he aims to work closely with partners to drive the growth and adoption of Web3, a term referring to the next generation of internet technologies.
