Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced the appointment of Richard Teng as the new CEO.
What was said by the Former CEO of Binance as he Steps Down
The former CEO of Binance, Changpeng Zhao announced in a tweet on social media, X, formerly Twitter that:
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, Binance, and myself.
Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with its deep bench.
I’m pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
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 security, transparency, compliance, and growth phase.
Prior to joining Binance, Richard Teng 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 at the Monetary Authority of Singapore.
With Richard Teng and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead.
As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.
What’s next for me?
I will take a break first. I have not had a single day of a real (phone off) break for the last 6 and a half years.
After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in blockchain/Web3/DeFi, AI, and biotech. I am happy I will finally have more time to look at DeFi.
I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs privately. If for nothing else, I can at least tell them what not to do.
On that note, I am proud to point out that in our resolutions with the U.S. agencies, they:
- do not allege that Binance misappropriated any user funds and
- do not allege that Binance engaged in any market manipulation.
Funds are SAFU!
I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.
Onwards!
CZ
What was said by the New CEO, Richard Teng
The new CEO, Richard Teng expressed optimism about the appointment, saying:
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility I take seriously and hold dear.
With CZ, and our leadership team’s support, I have accepted this role to continue to meet and exceed stakeholders’ expectations while achieving our core mission, the freedom of money.
The foundation on which Binance stands today is stronger than ever.
To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team.
My focus will be on:
- Reassuring users that they can remain confident in the financial strength, security and safety of the company
- Collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
- Working with partners to drive growth and adoption of Web3
We are here to stay. Please lend me your support. Excited for the days ahead!
Binance CEO, Richard Teng Background
- Richard Teng received his Masters in Applied Finance with distinction from the University of Western Australia and a first class in Bachelor of Accountancy from Nanyang Technological University.
- Richard Teng joined Binance in August 2021 as CEO of Binance Singapore and is an experienced executive with over three decades of financial services and regulatory experience.
- He held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.
- Richard Teng is a long-time executive of Binance, and was promoted to global head of regional markets earlier this year.
- 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.
- In November 2023, Binance announced Richard as the new CEO after succeeding Changpeng Zhao.
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