According to Bloomberg, Binance founder CZ has agreed to resign and plead guilty, and will no longer serve as an executive of Binance. CZ subsequently tweeted on X, announcing that Binance's global regional market leader, Richard Teng, will take over as CEO. In the post, CZ pointed out that Richard Teng will lead Binance into the next growth stage with his thirty years of financial service and regulatory experience, ensuring the company's development in security, transparency, compliance, and growth.

Related reading: "CZ Open Letter in Full: This is the Best Choice".

Later, Richard Teng posted that he felt honored and humbly accepted this role. In his tweet, he stated that he would take it seriously and cherish everyone's trust. He wrote, "With the support of CZ and the leadership team, I have accepted this position with the aim of meeting and exceeding the expectations of all stakeholders and achieving the company's core mission of financial freedom."

Richard Teng interviewed; image source: Reuters

Who is the new CEO Richard Teng?

Binance's official website wrote in today's introduction of Richard Teng's appointment that:

Richard Teng is an experienced executive with over 30 years of financial services and regulatory experience. He joined Binance in August 2021 as the CEO of Binance Singapore. Shortly thereafter, he served as the Regional Market Director for the Middle East and North Africa, Europe, and ultimately all regions except the United States at Binance. In this role, he led regional teams to ensure the stability of strategic partnerships, cultivate innovative ecosystems, and expand the cryptocurrency ecosystem in their respective regions. In November 2023, Richard succeeded CZ as the CEO of Binance.

In June of this year, according to Bloomberg's sources, if CZ were to leave due to regulatory difficulties, Richard Teng would become the next Binance CEO. However, in an interview with CoinDesk, Richard Teng stated that it is too early to talk about "taking over as Binance CEO" and that his new position is not even a promotion, but rather an expansion of his responsibilities to assist CZ in reviewing certain matters.

Related reading: "Richard Teng: It's too early to talk about "replacing CZ" now, and will turn Binance into a compliant new organization".

Four months after Richard Teng made the statement "too early to take over", he officially became the new leader of Binance.

Fire-speed promotion of "Binance Newcomers"

Richard Teng joined Binance in August 2021 as the CEO of Binance Singapore. In less than two years, Richard Teng began to "tour" various countries and regional markets as the head of Binance.

From December 2021 to October 2022, he served as the head of the Middle East and North Africa region. From November of the same year to April of the following year, he began serving as the head of the Europe and Middle East North Africa region. From April to May of that year, he took over as the head of the Asia, Europe, and Middle East North Africa regions. In the second half of the year, Richard Teng was promoted to the regional market head of Binance.

Since then, Richard Teng has frequently appeared as a "spokesperson" for Binance at various important events in the cryptocurrency industry. In May 2023, Richard Teng represented Binance at the Irish Blockchain Week, where he discussed regulation and its importance for the future of blockchain alongside industry experts from Citibank, the Irish Ministry of Finance, and others.

In September 2023, Richard Teng met with famous F1 driver Pierre Gasly on behalf of Binance at TOKEN 2049 and held a roundtable discussion.

In November 2023, Richard Teng gave a speech at Binance Blockchain Week in Istanbul.

Experienced Compliance Veteran

As early as 2021, when Richard Teng joined Binance Singapore, he said, "I look forward to working with the excellent team at Binance Singapore to further promote our business growth through meeting the needs of investors, adhering to best practices and regulatory standards, and responding quickly and sustainably."

Richard stated in his public statement this morning that he will use everything he has learned from his 30 years of experience in financial services and regulation to guide Binance's excellence, innovation, and loyalty team.

According to his LinkedIn profile, Richard Teng is a 52-year-old Singaporean who holds a Master's degree in Applied Finance (with distinction) from the University of Western Australia and a Bachelor's degree in Accountancy (First Class Honours) from Nanyang Technological University.

From 1994 to 2007, Richard Teng served as the Chief Financial Officer at the Monetary Authority of Singapore. In the late 1990s, he was involved in the extensive transformation of Singapore's financial services industry, leading the development of private banking and capital markets. He led the formulation and management of the Securities and Futures Act, established regulatory frameworks for real estate investment trusts, business trusts, and trust companies, and managed the Singapore Code on Takeovers and Mergers, which regulates takeover and merger transactions in Singapore.

From September 2007 to February 2015, Teng served as the Chief Regulatory Officer of the Singapore Exchange (SGX). He led the regulatory team responsible for policy, framework, and rule-making in the areas of listing, trading, and clearing, as well as regulatory solutions for new products and services.

From March 2015 to March 2021, Teng served as the CEO of Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority in the Abu Dhabi International Free Trade Zone. During this period, ADGM developed from a newly established financial center to one with nearly 2,700 registered licenses and over 150 approved financial institutions in less than five years. Forbes has consecutively named ADGM as the "Best International Financial Company in the Middle East and North Africa" four times.

World Economic Forum's official introduction of Richard Teng; Image source: WFC official website

In Richard Teng's public statement upon assuming the role of CEO, he emphasized that today's Binance has a stronger foundation than ever before. To ensure the company's future direction, he plans to leverage his 30 years of experience in financial services and regulatory fields to guide this outstanding, innovative, and dedicated team. He will focus on the following three areas of work.

1) Assure users of the company's financial strength, security, and stability;

2) Collaborate with regulatory agencies to maintain high standards that promote innovation and provide important consumer protection on a global scale;

3) Collaborate with partners to promote the growth and popularization of Web3.

Richard Teng further stated that Binance will continue to move forward steadfastly and calls for everyone's support, expressing excitement for the future.

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