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- Richard Teng is an experienced executive with over three decades of expertise in financial services and regulatory affairs.
- Previously serving as the CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Richard demonstrated his capabilities as one of the world’s leading innovative regulators.
- As part of the agreement between Binance and the Department of Justice (DOJ), Changpeng Zhao was also asked to resign. Changpeng Zhao officially announced his resignation from the CEO position on November 21.
Who is Richard Teng, who was appointed as the CEO of Binance exchange? What positions did he take part in before? Here are all the details!
Who Is Richard Teng?
Richard Teng is an experienced executive with over three decades of expertise in financial services and regulatory affairs. He joined Binance in August 2021 as the CEO of Binance Singapore.
Shortly after, he served as the President of Binance for the MENA region, the European region, and ultimately all regions outside the US. In this role, he directed regional teams to establish strategic partnerships, support the innovation ecosystem, and expand the crypto ecosystem in the respective regions.
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In November 2023, Richard was appointed as the CEO of Binance, succeeding Changpeng Zhao. Before joining Binance, Richard served as the CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, showcasing his skills as one of the world’s leading innovative regulators.
Richard’s extensive experience includes previous roles as the Chief Regulatory Officer at the Singapore Exchange (SGX) and Corporate Finance Director at the Monetary Authority of Singapore. He holds a Master’s degree in Applied Finance (Distinction) from the University of Western Australia and a Bachelor’s degree in Accountancy (First Class) from Nanyang Technological University.
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Following his appointment as CEO, Richard Teng made the following statements: “Stepping into the role of Binance’s new CEO is a great honor and profound humility for me. The foundation that Binance stands on today is stronger than ever. To secure a bright future, I plan to leverage everything I have learned from my financial services and regulatory experience over the past thirty years to guide our exceptional, innovative, and dedicated team.”
Teng outlined his focus in three points:
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- Ensuring users can trust in the company’s financial strength, security, and safety
- Collaborating with regulators to globally support high standards that encourage innovation while providing significant consumer protections
- Collaborating with partners to support the growth and adoption of Web3
Changpeng Zhao’s Departure
As a result of investigations conducted by the US Department of Justice, violations by the Binance exchange were identified, and allegations were also made against Changpeng Zhao. The DOJ requested Binance to pay a $4.3 billion fine to resolve these sanctions violations, and the exchange agreed.
As part of the agreement between Binance and the Department of Justice, Changpeng Zhao was also asked to resign. Changpeng Zhao officially announced his resignation from the CEO position on November 21 and accepted the allegations. Additionally, Changpeng Zhao will be barred from serving in any capacity at Binance for three years.
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