Who is Richard Teng, the individual who took over the position of head at Binance after Changpeng Zhao?

Who is Richard Teng, the individual who took over the position of head at Binance after Changpeng Zhao?

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Author: Robert Strickland (crypto-journalist)
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Who is Richard Teng, the individual who took over the position of head at Binance after Changpeng Zhao?

Let's delve into the background of Richard Teng, the newly appointed leader of the Binance exchange. We'll explore his previous professional experiences and the key responsibilities associated with his new role.


 

On November 21, 2023, Binance Holdings Limited, the operator of the cryptocurrency exchange Binance, and its former head Changpeng Zhao admitted guilt to a series of charges brought forth by US regulators.

 

As part of the settlement with the U.S. Department of Justice, the company agreed to pay one of the largest corporate fines in U.S. history, amounting to $4.3 billion.

In exchange for his departure from the position of CEO, the founder of the exchange agreed to pay $50 million. Richard Teng, who previously served as the head of Binance's regional markets, has now assumed the role of CEO.

  • Biography of Richard Teng:

Richard Teng was born in Singapore in 1971 and holds a Master's degree in Applied Finance from the University of Western Sydney. He graduated with honors in accounting from Nanyang Technological University and also completed the Executive Leadership Program at the Wharton Business School.

  • Regulatory Experience:

Before joining Binance, Teng held various managerial positions in financial companies and regulatory bodies. Notably, he served as the CEO of the Abu Dhabi Global Financial Services Regulatory Authority and led the development of policies for listing, trading, and clearing activities at the Singapore Exchange.

Teng spent 13 years at the Monetary Authority of Singapore (MAS), including serving as the Director of Corporate Finance. During his tenure, he played a key role in regulatory matters spanning banking, insurance, and securities. For instance, in the late 1990s, he oversaw a significant transformation of Singapore's financial services industry to promote the development of private banks and the capital market.

Teng expressed his commitment to leveraging his three decades of experience in financial services and regulatory fields for a promising future after being appointed as Binance's CEO.

In May 2023, Teng published an article on Encrypted discussing the significance of the MiCA bill for the cryptocurrency industry.

  • Personal Life and Wealth:

Richard Teng is married and has two children who were residing in Singapore as of 2018. His spouse was involved in managing a local family office, and the children were pursuing their education. As of the latest available information, there are no further details about Teng's personal life and financial status online.

Teng's Career at Binance:

Teng joined Binance in 2021 as the head of the exchange's Singapore division, focusing on strengthening the platform's compliance efforts. He swiftly ascended the ranks at Binance:

- December 2021: Head of the MENA market
- November 2022: Head of Europe and MENA Markets
- April 2023: Head of Europe, Asia, and MENA Markets
- May 2023: Head of Regional Markets

According to Binance's announcement, Teng was effectively responsible for all regions of Binance's operations outside the US. Changpeng Zhao praised Teng as a highly skilled executive with over thirty years of experience, expressing confidence in his ability to lead the company through its next phase of growth while emphasizing security, transparency, compliance, and growth.

As the head of Binance, Teng's primary objectives include preventing user churn from the exchange and ensuring the platform's reliability and security. He has committed to working with regulators to maintain high standards globally, fostering innovation, and protecting consumers.

 

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