Richard Teng, a seasoned veteran of the Singaporean industry who Binance hired in 2021 to support its global compliance efforts, took over as CEO of the largest cryptocurrency exchange globally, replacing Changpeng Zhao.
Teng was only appointed as head of regional markets in May of this year, having previously held positions as head of MENA. Teng initially joined Binance as CEO of Binance Singapore. Teng has held positions overseeing the MENA region, the European region, and eventually all regions outside of the United States, according to a statement released by Binance today.
Teng was the CEO of Abu Dhabi Global Market’s Financial Services Regulatory Authority before he joined Binance. Additionally, he was the SGX’s chief regulatory officer, leading the division of regulation in charge of the framework of policies pertaining to trading, clearing, and listing activities.
Extensive regulatory experience
Teng has a wealth of regulatory expertise as well. According to his LinkedIn page, he held positions as director of corporate finance during his 13 years of service at the Monetary Authority of Singapore, the watchdog over the financial system.
He had close involvement in regulatory matters pertaining to the banking, insurance, and capital market sectors during his time at the MAS. Among them was the extensive overhaul of Singapore’s financial services industry in the late 1990s, during which he oversaw the growth of the capital market and private banking sectors.
“To guarantee a prosperous future, I plan to apply all the knowledge I’ve gained from my thirty years of financial services and regulatory experience to lead our exceptional, creative, and dedicated team,” Teng stated in a post on X today.
He declared that his main goal would be to reassure customers that they can still have faith in the company’s stability, safety, and security. Additionally, he will cooperate with authorities to “maintain worldwide standards that encourage innovation while offering crucial safeguards for consumers.
Changpeng Zhao, who resigned as CEO on Tuesday, stated in a post on X that Richard is a highly qualified leader with over three decades of financial services and regulatory experience. “He will navigate the company through its next period of growth,” Zhao wrote. “He will guarantee that Binance fulfills our upcoming commitments to security, transparency, compliance, and expansion.”