Richard Teng has been named the new CEO of Binance, the world’s largest cryptocurrency exchange. He will succeed Changpeng Zhao, who agreed to step down as part of a plea deal with the US Department of Justice. Teng, who joined Binance just over two years ago, was most recently the global head of regional partnerships at Abu Dhabi Global Market, the UAE capital’s financial services regulator.
Teng’s appointment as CEO of Binance has been widely reported in the media. According to Reuters, Binance founder Changpeng Zhao said on Tuesday that Teng had been named the new chief executive of the cryptocurrency exchange. The BBC reports that Teng is a native of Singapore and joined Binance as the CEO of his home country just over two years ago. Teng’s appointment comes at a time when Binance is under increasing regulatory scrutiny around the world.
Early Life and Education
Richard Teng is a Singaporean businessman and former regulator who was recently named as the new CEO of Binance, the world’s largest cryptocurrency exchange [1]. Teng was born and raised in Singapore, where he spent most of his early life.
After completing his secondary education, Teng pursued a degree in economics at the National University of Singapore, where he graduated with honors. He then went on to earn a Master’s degree in Applied Finance from the University of Western Sydney in Australia [2].
Teng’s educational background in economics and finance would prove to be instrumental in shaping his career path. After completing his studies, he worked for several years as an investment banker, where he gained invaluable experience in the financial industry.
Teng’s passion for finance and economics eventually led him to pursue a career in regulatory affairs. He became a key figure in the Singaporean regulatory landscape, serving as the Chief Regulatory Officer of the Singapore Exchange (SGX) and the Director of Corporate Finance at the Monetary Authority of Singapore (MAS) [3].
Professional Career
Before Binance
Richard Teng started his career as a lawyer and spent 13 years practicing law in various firms before joining the regulatory sector. He served as the Chief Regulatory Officer of the Singapore Exchange and Deputy Director of the Monetary Authority of Singapore.
In 2016, he was appointed as the CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market, where he was responsible for the development and implementation of the regulatory framework for financial services in the Abu Dhabi Global Market.
Role at Binance
Teng joined Binance in August 2021 as the CEO of Binance Singapore. His tenure in the role was short-lived, as the exchange announced in December of the same year that it would wind up all its operations in Singapore. Teng then became the Head of Regional Markets and was responsible for the development of Binance’s business in the Middle East and North Africa. In May 2023, he was promoted to become the CEO of Binance, succeeding Changpeng Zhao, the founder of Binance.
Under Teng’s leadership, Binance has continued to expand its reach and services. In September 2023, Binance announced its plans to launch a new NFT marketplace, which will allow users to buy, sell, and trade non-fungible tokens. Teng has also emphasized the importance of regulatory compliance and has stated that Binance will work closely with regulators to ensure that it operates within the legal framework of each jurisdiction.
Overall, Teng’s extensive experience in the regulatory sector and his leadership skills have made him a valuable asset to Binance as it continues to grow and expand its services.
