Who is new Binance CEO? Meet Richard Teng
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After the Binance CEO announced his resignation, one of the most asked questions in the crypto world was "who is new Binance CEO". The replacement for the iconic face of crypto has been announced, and it's someone very familiar with the industry.
Richard Teng has assumed the position of CEO at Binance, succeeding Changpeng Zhao, who stepped down following criminal charges in the U.S.
Richard Teng, an experienced industry professional from Singapore, initially joined Binance in 2021 to reinforce the platform's global compliance efforts.
His journey within the organization, from CEO of Binance Singapore to heading regional markets, culminated in his recent appointment as the chief executive of the world's largest cryptocurrency exchange.
Who is new Binance CEO?
Richard Teng's ascent to the role of Binance CEO is rooted in his remarkable professional journey. Before joining Binance, he served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and played a pivotal role as the chief regulatory officer at the SGX, overseeing policy frameworks related to listing, trading, and clearing activities.
Richard Teng's wealth of experience extends over 13 years at the Monetary Authority of Singapore, where he held various roles, including director of corporate finance.
During his tenure, he played a crucial role in the transformative changes to Singapore's financial services sector in the late 1990s, particularly in developing private banking and capital market segments.
Richard Teng's vision for Binance and the industry
Teng's vision for Binance is clear and forward-thinking. In his recent statement, he emphasized leveraging his three decades of financial services and regulatory experience to guide the team toward a bright future.
Teng is committed to assuring users of Binance's financial strength, security, and safety. His focus extends to collaboration with regulators worldwide to uphold high standards that foster innovation while ensuring essential consumer protections.
Changpeng Zhao, in acknowledging Teng's leadership, expressed confidence in his ability to navigate Binance through its next phase of growth, emphasizing a commitment to security, transparency, compliance, and overall expansion.
CZ stated in a Twitter/X post:
''Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead''.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ ? Binance (@cz_binance) November 21, 2023
As Richard Teng takes the reins at Binance, the cryptocurrency industry witnesses a seasoned leader with a robust background in global compliance and regulatory affairs.
His commitment to guiding Binance through its next period of growth aligns with the company's ongoing efforts to maintain security, transparency, and compliance.
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