Richard Teng, the new CEO of the world’s largest cryptocurrency exchange, Binance, is no stranger to the world of finance. His ascent into the new position substantiates rumors that made the rounds earlier this year about him being the right fit for the job amid Binance’s regulatory woes.
According to a company blog post, Teng joined the exchange in August 2021 as the CEO of Binance Singapore, with over three decades of experience in finance and the regulatory space.
Facts About Binance’s New CEO
Before joining Binance, Teng was the chief executive of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), the chief regulatory officer of the Singapore Exchange, and director of corporate finance at the Monetary Authority of Singapore (MAS).
The 52-year-old Singaporean worked at MAS for 13 years until 2007, before he took the role of the regulatory officer at the local stock exchange. While at the Singapore Stock Exchange, Teng headed a group that enforced rules in areas like trading, clearing, and listings in collaboration with MAS. After that, he spent six years at the ADGM.
In May, Changpeng Zhao (CZ), Binance co-founder and former CEO, appointed Teng as the Head of Regional Markets, overseeing operations in all markets outside the U.S., including the Middle East, North Africa, and the European regions. Binance revealed that he led regional teams to secure strategic partnerships and expand the exchange’s reach.
Currently, Teng serves as an international council member at the Global Fintech Institute and an advisory board member of the Blockchain Association Singapore. He has also become part of CZ’s inner circle and close confidants, along with Binance co-founder He Yi, per a June BNN Bloomberg report.
A “Highly Qualified Leader”
Teng’s experience as a top employee who worked with government entities makes him a “highly qualified leader,” according to CZ. The former Binance CEO believes Teng will navigate the exchange through its next phase of growth, transparency, and compliance. He will also play a vital role in helping the crypto behemoth resolve its regulatory issues.
“It is an honor and with the deepest humility that I step into the role of Binance’s new CEO…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,” Teng tweeted.
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