Binance, the renowned cryptocurrency exchange platform, has named Richard Teng as its new Chief Executive Officer (CEO) in the wake of co-founder Changpeng Zhao (CZ) stepping down amid a resolution agreement with various U.S. government agencies.
Teng, who previously served as Binance's global head of regional markets, brings with him an extensive background in financial regulatory affairs, having amassed over three decades of experience in the financial services sector, primarily in Dubai and Singapore.
The decision for Zhao's departure arose as part of an arrangement between Binance Holdings Ltd and U.S. regulatory authorities, including the Department of Justice (DoJ), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN). This resolution pertained to ongoing investigations related to allegations of fraud and money laundering charges.
In a statement addressing the change in leadership, Binance underscored Teng's qualifications, expressing confidence in his ability to lead the company into its next phase of expansion. "Richard is a highly qualified leader, and his wealth of experience in financial services and regulatory matters positions him well to navigate the company through its next period of growth," Binance remarked.
Accepting his new role, Teng emphasized a commitment to reinforcing the safety and security measures for Binance's vast customer base, numbering over 160 million users. He pledged to collaborate closely with global regulatory bodies to uphold customer protection standards while fostering innovation within the blockchain space. Teng reiterated Binance's dedication to partnering with industry stakeholders to further the mainstream adoption and advancement of Web3 technology.
Teng's seasoned expertise in financial regulations and his extensive tenure in key international financial hubs are expected to bolster Binance's commitment to compliance and its efforts to drive blockchain innovation forward.
The appointment of Richard Teng as CEO heralds a new chapter for Binance, as the company remains dedicated to both ensuring regulatory compliance and driving forward the evolution of the decentralized web.