The new CEO of Binance has extensive financial and regulatory experience

Richard Teng, the new CEO of the world’s largest cryptocurrency exchange Binance, is no stranger to the world of finance. His rise to the new position supports rumors that circulated earlier this year that he is the right person amid Binance’s regulatory troubles.

According to a company blog post, Teng joined Binance in August 2021 as CEO of Binance Singapore, with over three decades of experience in finance and the regulatory space.

Facts about the new CEO of Binance

Before joining Binance, Teng was the Chief Executive Officer of the Financial Services Regulatory Authority at the Abu Dhabi Global Market (ADGM), 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 taking on the role of regulatory officer at the local exchange. While at the Singapore Exchange, Teng led a team that enforced rules in areas such as trading, clearing, and advertising in collaboration with MAS. He then spent six years at ADGM.

In May, Changpeng Zhao, co-founder of Binance and former CEO, appointed Teng as Head of Regional Markets, responsible for overseeing operations in all markets outside the U.S., including the Middle East, North Africa, and European regions. Binance revealed that he led regional teams to secure strategic partnerships and expand the exchange’s reach.

Currently, Teng serves as a member of the International Council at the Global Fintech Institute and a member of the advisory board of the Blockchain Association Singapore. He has also become part of CZ’s inner circle and close associates, along with Binance co-founder He Yi, according to a June report by BNN Bloomberg.

‘A highly qualified leader’

Teng’s experience as a top executive working with government entities makes him a ‘highly qualified leader,’ CZ states. The former CEO of Binance believes that Teng will guide the exchange through the next phase of growth, transparency, and compliance. He will also play a vital role in helping Binance resolve its regulatory issues.

– It is an honor for me, and with the deepest humility, I will step into the role of Binance’s new CEO. To ensure a bright future, I intend to leverage everything I have learned over the past three decades of financial services and regulatory experience to lead our extraordinary, innovative, and dedicated team – Teng wrote on X.