Who is Richard Teng? Binance’s New CEO
In the early hours of November 22, the community was rocked by allegations of Binance and its founder, CZ, being accused of breaching anti-money laundering laws. Shortly after, CZ announced his resignation, appointing Richard Teng as the new CEO.
According to reports from AZCoin News, Binance chose Richard Teng, the head of its international division, as the new CEO. CZ revealed Teng’s extensive 30-year experience in the financial services sector, expressing confidence that Teng would ensure compliance with security regulations and transparency for users.
Teng, in turn, committed to meeting user expectations and stakeholders’ needs, aiming to lead Binance towards its core mission of financial freedom. In a tweet, he expressed humility at assuming the role of CEO and pledged to uphold the company’s values.
Teng’s journey to CEO status was not immediate. He joined Binance as CEO in Singapore only in August 2021, a tenure cut short when Binance announced the cessation of its operations in Singapore by early 2022. However, he was then tasked with managing the Middle East, North Africa, and European regions. In May of this year, Teng was further appointed as head of markets outside the US amid increased regulatory scrutiny in the US.
His increased public presence coincided with CZ’s previous statements about seeking a new CEO prioritizing adherence to regulations, leading to speculation that Teng might be CZ’s chosen successor.
Despite Teng’s denials, the community’s predictions became reality with CZ’s abrupt resignation, a turn of events unexpected by many.
Prior to joining Binance, Teng held significant positions in traditional regulatory bodies. His LinkedIn profile indicates roles as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer of the Singapore Exchange (SGX), and Corporate Finance Director at the Monetary Authority of Singapore (MAS).
During his 13-year tenure at MAS, Teng was closely involved in legal issues related to banking, insurance, and capital markets, contributing to Singapore’s financial services transformation in the late 1990s, particularly in private banking and capital markets.
Besides his role at Binance, Teng is an advisory board member of the Blockchain Association of Singapore and an international council member at the Global Fintech Institute.
Looking ahead, Teng emphasizes collaboration with regulatory agencies to drive innovation, protect users, and foster growth through partnerships, Web3 adoption, and maintaining user trust.
His message to users emphasizes instilling confidence in the company’s financial strength, security, and safety, assuring that Binance is there to stay and seeking their support for the days ahead.
Teng’s vision revolves around leveraging his three-decade expertise in financial services and management to guide Binance’s talented, innovative, and dedicated team toward a brighter future.
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