Richard Tengm to Helm Binance, Replacing Changpeng Zhao
The world”s largest crypto exchange has undergone a leadership change with Changpeng Zhao, who was convicted of money laundering, replacing Richard Tengm, a civil servant-turned-crypto executive. Zhao has admitted his involvement in money laundering activities.
“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. I’m pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today,” Zhao, known online as CZ, tweeted on November 22.
“With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead. As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our US agency resolutions,” Zhao added in his tweet.
Here is my first blog as #Binance CEO.
I want to take this opportunity to share immediate focus areas, discuss our responsibility to users and my view on the future of our industry.https://t.co/c6QMS6Ulmm
— Richard Teng (@_RichardTeng) November 27, 2023
Hailing from Singapore, Teng has a fruitful financial career spanning over 30 years. He started his career as Chief Regulatory Officer of the Singapore Exchange before being appointed as the Director of Corporate Finance in the Monetary Authority of Singapore. He was then assigned as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. In Binance Teng was designated to oversee Singapore operations before being appointed as the Regional Head of Asia, Europe, and Mena.
Teng was serving as Global Head of Regional Markets just before helming as the CEO.Teng holds a Masters (Distinction) in Applied Finance from the University of Western Sydney and a First Class Honours in Accountancy from Nanyang Technological University.
In his first blog, after being appointed as CEO, Teng emphasized the importance of blockchain-based Web3 to provide individuals with control over their data, freedom of money, and subsequently compliance with regulatory measures.
