{"id":87379,"date":"2023-11-22T16:50:38","date_gmt":"2023-11-22T14:50:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87379"},"modified":"2025-09-13T11:30:16","modified_gmt":"2025-09-13T08:30:16","slug":"who-is-binances-new-ceo-richard-teng","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/who-is-binances-new-ceo-richard-teng\/","title":{"rendered":"Who is Binance&#8217;s new CEO Richard Teng?"},"content":{"rendered":"<p>On November 21, as part of a pre-trial <a href=\"https:\/\/u1f987.com\/en\/news\/us-doj-seeks-4-billion-from-binance-to-end-investigations\">deal with the U.S. Department of Justice<\/a> Changpeng Zhao (CZ) <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-to-pay-50-million-under-u-s-doj-settlement\">left the position of CEO<\/a> of the cryptocurrency exchange Binance. His place <a href=\"https:\/\/u1f987.com\/en\/news\/binance-names-new-chief-executive-cz-says-he-has-acknowledged-his-mistakes\">was taken by Richard Teng<\/a>.<\/p>\n<p>ForkLog studied the track record of the new head of Binance and found out how former colleagues assess the platform\u2019s prospects under his leadership.<\/p>\n<h2 class=\"wp-block-heading\"><strong>30 years in financial services<\/strong><\/h2>\n<p>According to official <a href=\"https:\/\/www.binance.com\/en\/blog\/leadership\/bio-richard-teng-binances-new-ceo-6819833624741779461\">information<\/a>, Richard Teng joined the Binance team in August 2021 as CEO of Binance Singapore.<\/p>\n<p>Soon after, he became head of Binance in <span data-descr=\"Middle East and North Africa\" class=\"old_tooltip\">MENA<\/span>, then in Europe and, ultimately, all regions outside the U.S. In this role Teng led local teams to ensure strategic partnerships, drive innovation, and expand the crypto ecosystem on the ground.<\/p>\n<p>Teng has more than 30 years of experience in financial services and regulation. Before joining Binance Teng held the post of CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market (ADGM).<\/p>\n<p>In addition, he was regulatory director at the Singapore Exchange and 13 years spent as Director of Corporate Finance at the Monetary Authority of Singapore, covering banking, insurance and other segments of the capital markets.<\/p>\n<p>Teng earned a Master of Applied Finance with honours from the University of Western Australia and a First-Class Bachelor of Accounting degree from Nanyang Technological University.<\/p>\n<p>Commenting on his appointment, the new head of Binance said he would focus on cooperating with regulators \u201cto globally uphold high standards that foster innovation and protect consumers.\u201d He also plans to continue working with the company&#8217;s partners to drive growth and implement <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It is an honour and with the deepest humility that I step into the role of Binance\u2019s new CEO.<\/p>\n<p>We operate the world&#8217;s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold\u2026<\/p>\n<p>\u2014 Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1727066202047164562?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abI intend to use everything I have learned over the past 30 years in financial services and regulation to lead our wonderful, innovative, and mission-driven team\u00bb, \u2014 wrote him.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>What do Teng&#8217;s former colleagues say?<\/strong><\/h2>\n<p>Changpeng Zhao was among the first to comment on Teng&#8217;s appointment.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.<\/p>\n<p>Binance is no longer a baby. It is\u2026<\/p>\n<p>\u2014 CZ ? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1727063503125766367?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abRichard is a highly qualified leader. He will drive Binance&#8217;s implementation of the next phase of security, transparency, compliance, and growth\u00bb, \u2014 said the former CEO.<\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/binance-parts-ways-with-top-managers-overseeing-russia\">Former Binance director for Asia and Eastern Europe Gleb Kostarev, in a ForkLog interview, said that Richard Teng has always been strong in terms of regulation and engagement with authorities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThis is especially important now, as regulators will closely monitor Binance to ensure it complies with all necessary requirements. Moreover, Richard has worked in regulation in the UAE, and the Middle East will remain one of the company\u2019s key hubs\u00bb, \u2014 Kostarev said.<\/p>\n<\/blockquote>\n<p>Former Binance director in the CIS Vladimir Smerkis closely interacted with Teng in early 2023 when he began leading the exchange&#8217;s regional markets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abHe has proven to be a very caring, empathetic, and charismatic leader who is ready to give sound advice and really understands the details of operations in the markets under his supervision\u00bb, \u2014 Smerkis said, pointing to Teng&#8217;s experience at ADGM and Singapore.<\/p>\n<\/blockquote>\n<p>According to him, the new top executive has built fairly good relations within the remaining Binance team and is capable of leading the group forward:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abOf course, CZ&#8217;s charisma, his deep immersion in the issues facing the company and his vision for blockchain technology and Web3, which he shared with the team, will be sorely missed\u00bb.<\/p>\n<\/blockquote>\n<p>Binance faces a challenging task of maintaining its leadership position amid ongoing investigations and providing access to exchange data to U.S. regulators.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abCompetition in the crypto-exchange space should intensify, thereby opening opportunities for new local platforms. In my view, they will be very interesting to develop and operate now\u00bb, \u2014 Smerkis said.<\/p>\n<\/blockquote>\n<p>He also stressed that following Binance, regulator pressure will shift to other leading platforms in terms of trading volumes, including OKX, Bybit, Bitget and others.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abOverall, what happened is the best scenario for Binance that could have unfolded. It could have been much worse\u00bb, \u2014 Smerkis said.<\/p>\n<\/blockquote>\n<p>Earlier, on November 21, in the course of a <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-to-pay-50-million-under-u-s-doj-settlement\">deal with the U.S. DOJ<\/a>, Binance agreed to pay fines totaling $4.3 billion amid ongoing investigations by the <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-u-s-doj-investigates-binance-over-sanctions-violations-tied-to-russia\">agency<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">the SEC<\/a> regarding the exchange and CZ. He was released from custody on a <a href=\"https:\/\/u1f987.com\/en\/news\/binance-founder-changpeng-zhao-released-on-175-million-bond\">bail of $175 million<\/a>.<\/p>\n<p>Earlier, experts told ForkLog what impact the Binance case could have on the cryptocurrency industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ForkLog studied the track record of the new head of Binance and found out how former colleagues assess the platform\u2019s prospects under his leadership.<\/p>\n","protected":false},"author":1,"featured_media":87380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1150,1453],"class_list":["post-87379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-news-plus","tag-richard-teng"],"aioseo_notices":[],"amp_enabled":true,"views":"73","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=87379"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87379\/revisions"}],"predecessor-version":[{"id":87381,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87379\/revisions\/87381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87380"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}