After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.”
Richard Teng Assumes Binance’s Top Role, Succeeding CZ
This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion.
Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO.
Teng brings an extensive history in the finance sector to his new role at Binance. His career spans various significant roles in regulatory and financial bodies, including the Singapore Exchange and Abu Dhabi Global Market. Additionally, he has amassed over a decade of experience at the Monetary Authority of Singapore.
“It is an honour and with the deepest humility that I step into the role of Binance’s new CEO,” Teng said on the social media platform X.
The new Binance boss added:
We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150 [million] users and thousands of employees is a responsibility that I take seriously and hold dear.
Teng said that his goals are to reinforce Binance customers’ confidence in the company’s soundness, engage with regulatory bodies worldwide, and collaborate with partners to forward the adoption of Web3. A number of people responded to Teng’s social media post. Tron founder Justin Sun welcomed Teng and said that he believes under Teng’s leadership, “Binance will enter a new chapter and achieve new successes.”
Adam Cochran, partner at Cinneamhain Ventures, told Teng that he hoped the exchange could “raise the bar.” Cochran remarked that he was “wiping the slate clean” in regard to his opinion of Binance and wished Teng and company a “new journey.”
What do you think about Richard Teng taking over Binance? Share your thoughts and opinions about this subject in the comments section below.
