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Richard Teng, an experienced executive with more than three decades of experience in the financial services and regulatory fields. After serving as the former CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, he joined Binance and quickly ascended to an important leadership role.
Starting his career at Binance in August 2021 as Binance Singapore’s CEO, Richard Teng then moved to the MENA region, then to the European region and, finally, overseen all of Binance’s regions outside of the U.S. During this process, he has focused regional teams on establishing strategic partnerships, supporting the innovation ecosystem, and expanding the crypto ecosystem.
Upon his appointment as the CEO of Binance in November 2023, Teng stated that the company’s foundations are strong and they aim for a bright future. Utilizing his extensive experience in financial services and regulation, he plans to push Binance even further by emphasizing user security and the company’s financial strength.
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Teng’s focus areas include:
1. Assure users that they can trust in the company’s financial strength, security, and safety.
2. Collaborate with regulators to support high standards that promote innovation globally and ensure significant consumer protections.
3. Work with partners to support the growth and adoption of Web3.
Also, the reasons behind the resignation of Binance’s former CEO Changpeng Zhao due to the Department of Justice’s sanction violations were mentioned. As a result of the investigation conducted by the U.S. Department of Justice, it was stated that a penalty of $4.3 billion was paid to resolve the charges brought against Binance and Changpeng Zhao resigned. It is also stated that Zhao will not be able to serve at Binance for 3 years.
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