Richard Teng has emerged as the new leader of Binance, following the surprising resignation of Changpeng “CZ” Zhao. But who is Richard Teng, and what does he bring to the role?
Originally from Singapore, Richard Teng joined the world’s largest cryptocurrency exchange a little over two years ago as the CEO of his home country. This period coincided with increased regulatory scrutiny and a Justice Department investigation into Binance, making his role crucial in navigating the company through challenging times.
Teng’s journey within Binance has been marked by rapid promotions. He initially held the position of Singapore CEO for just five months, according to his LinkedIn profile. In April 2023, he was promoted to Regional Head of Europe, Asia, the Middle East, and North Africa. Later in May, he assumed the role of Head of Regional Markets. Finally, on Tuesday, he was appointed as the top executive, marking a swift rise within the organization.
Changpeng Zhao referred to Richard Teng as a “highly qualified leader” with over three decades of experience in financial services and regulatory matters. Teng’s extensive background includes roles as the director of corporate finance at the Monetary Authority of Singapore (MAS) and chief regulatory officer of the Singapore Exchange (SGX). He also served as CEO of the Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates that regulates digital asset trading.
In his new role, Richard Teng has emphasized his commitment to maintaining and rebuilding customer confidence in Binance, which faced reputational damage due to regulatory challenges and legal issues in the United States. Despite these obstacles, Teng has reaffirmed that Binance is “here to stay” and that the company’s foundation remains “stronger than ever.”
As the new head of Binance, Teng faces the task of steering the company through its next phase of growth while addressing regulatory concerns and reassuring the platform’s 150 million users about its financial strength and security.