The sudden resignation of Changpeng “CZ” Zhao has shocked the crypto world. But who is the new boss of Binance, Richard Teng?
A native of Singapore, Mr Teng joined the world’s largest crypto exchange just over two years ago as the chief executive of Binance’s Singapore business.
That was the year when Binance came under a Justice Department investigation, and as regulatory scrutiny of the company and Mr Zhao intensified, Mr Teng was rapidly climbing the ranks in the background.
He only stayed in his original position as the Singapore CEO for five months, according to his LinkedIn page, before he was promoted to regional head of Europe, Asia and the Middle East and North Africa in April 2023.
Mr Teng later moved on to become head of regional markets this May before he was appointed to the top job on Tuesday – just slightly more than two years after he was first employed by Binance.
In announcing his successor, Mr Zhao called Mr Teng a “highly qualified leader”, adding that “with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth”.
Prior to joining Binance, Mr Teng worked in the more traditional financial and regulatory sectors as a director of corporate finance at the Monetary Authority of Singapore (MAS) and a chief regulatory officer of the Singapore Exchange (SGX).
He then moved on to the become chief executive of the Abu Dhabi Global Market (ADGM), an international financial centre in the United Arab Emirates, where he stayed for six years. The ADGM regulates the trading of digital assets.
In a statement on Wednesday, Mr Teng said he was honoured to step into the role, adding that he would focus on reassuring Binance’s 150 million users about “the financial strength, security and safety of the company”.
But his new role will come with its fair share of challenges. Retaining customer confidence will be an item on Mr Teng’s agenda, with Binance having suffered reputational damage in recent months.
In March, US regulators sought to ban the company, alleging it had been operating in the country illegally. It was also accused of breaking numerous US financial laws, including rules intended to thwart money laundering.
The Justice Department later ordered Binance to pay $4.3bn (£3.4bn) in penalties and forfeitures.
Despite this, Mr Teng has reiterated that Binance is “here to stay”, adding that company’s foundation stands “stronger than ever”.
