Who is Richard Teng?

Summary

• Richard Teng becomes CEO of Binance, succeeding Changpeng Zhao as part of a resolution to the U.S. Department of Justice investigation.
• Teng's journey spans from MAS and SGX to CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market before joining Binance.
• Teng's role as head of regional markets at Binance and the platform's evolution led to his appointment as CEO.
• Binance's commitment to being the most regulated exchange globally, with Teng emphasizing compliance in the ever-changing regulatory landscape.
• Teng's pledge to focus on trust, transparency, and compliance, steering Binance through a transformative period in the crypto industry.

Richard Teng emerged as the new CEO of Binance, succeeding Changpeng Zhao (CZ). This change comes as a pivotal part of a resolution to the U.S. Department of Justice's investigation, which led to CZ stepping down as the CEO.

Richard Teng, previously Binance's Global Head of Regional Markets and a long-standing executive, is set to guide the exchange through this transitional phase.

Career Before Binance

Taking a look at Richard Teng's early chapters offers a narrative that spans financial regulation, strategic leadership, and a deep commitment to shaping the financial industry's trajectory.

• Born in Singapore in 1971, Teng's academic pursuits led him to the National University of Singapore, where he earned a bachelor's degree in accountancy. Later, he obtained a master's in business administration from the prestigious University of Chicago.
• Teng commenced his professional voyage as an auditor at PricewaterhouseCoopers, laying the groundwork for a career that would intertwine with the pulse of financial governance. In 1997, he made a pivotal move to the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator. 

Over the course of 13 years at MAS, Teng ascended through various senior roles, including director of corporate finance, director of market conduct, and chief regulatory officer. His tenure at MAS marked a period of active involvement in shaping regulatory policies and frameworks, contributing to the robustness of Singapore's financial ecosystem.

• In 2010, Teng embraced a new challenge, joining the Singapore Exchange (SGX) as the chief regulatory officer. Tasked with overseeing the regulation and compliance of SGX's listed entities, members, and clearing houses, he played a crucial role in developing and implementing regulatory policies, including listing rules, securities trading rules, and risk management frameworks.
• The year 2015 witnessed another significant chapter in Teng's journey as he transitioned to Abu Dhabi, assuming the role of CEO of the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM). In this capacity, he spearheaded the establishment and operation of the FSRA, guiding it to become one of the most progressive and innovative financial regulators globally. 
• In August 2021, Teng's trajectory intersected with Binance as he assumed the role of CEO for Binance Singapore, entrusted with the responsibility of growing the platform's presence and ensuring compliance with local laws and regulations. This marked the initiation of his significant contributions to Binance.

November 2021 brought a new chapter as Teng assumed the role of the head of regional markets at Binance, overseeing operations and strategy in Asia, Europe, the Middle East, and North Africa. 

The culminating event occurred on November 22, 2023, when Teng was officially announced as the CEO of Binance. In this new role, he expressed deep humility and honor, pledging to focus on building trust, transparency, and compliance for Binance and the broader crypto industry. 

In a recent interview with Crypto Potato, Richard Teng underscored the launch of the Web3 wallet as a testament to Binance's dedication to fostering innovation and meeting evolving user needs.

A notable aspect highlighted by the CEO is Binance's status as the 'most regulated exchange on a global scale.' With 18 regulatory approvals spanning continents, the platform stands as a paragon of compliance in an industry marked by evolving regulatory landscapes. Teng's focus on regulatory compliance aligns with its goal of ensuring a safe and trustworthy environment for all users.