Richard Teng, the former CEO of Binance Singapore, has been appointed as the new CEO of Binance. This comes after Changpeng Zhao, commonly known as CZ, the founder of Binance, decided to step down. Teng, who initially joined Binance as CEO of the Singapore branch, quickly rose through the ranks during a turbulent period in the digital assets sector. His new role is an expansion of his previous position leading Asia, Europe, the Middle East, and North Africa.
During an interview in June, Teng avoided suggesting that he is being prepared to succeed CZ. He stated that it would be too early to make such assumptions. Teng emphasized the presence of a robust management team and numerous competent leaders overseeing various business sectors. He expressed his delight in being a part of this team and his eagerness to contribute to the company’s goals and ambitions.
Richard Teng’s Extensive Curriculum Would Help Binance Weather the Storm
Teng’s knowledge and experience as a regulator will come to bear in his new role as the exchange, often targeted by authorities, attempts to draw a line under mounting enforcement efforts related to conduct during crypto’s early years.
Richard Teng, who replaced Changpeng Zhao as the CEO of Binance, made his first official statement on the X account. He shared his vision and plans for the future of the company, as well as his views on the regulatory challenges and opportunities in the crypto industry.
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world'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…
— Richard Teng (@_RichardTeng) November 21, 2023
Teng emphasized that he is committed to working with regulators and stakeholders to ensure compliance and security for Binance users. He also expressed his gratitude to Zhao for his trust and support, and to the Binance community for their loyalty and enthusiasm.
According to the latest data, BNB’s price has declined after CZ’s resignation as Binance CEO. BNB was trading at $234.79 at the time of writing, which is a 9.47% drop in the last 24 hours and a 4.30% decrease in the previous week. However, BNB still has a 6.79% increase in its monthly chart.
Teng’s appointment comes at a critical time for Binance as it navigates regulatory challenges around the world. His regulatory experience and leadership are expected to help Binance bridge the existing gap between the industry and regulators.