Meet Binance’s New CEO, Richard Teng

As Changpeng Zhao (CZ) is forced to step down from Binance, a new face has risen to take the helm.

Richard Teng has been appointed as the new CEO of Binance—the world’s largest centralized cryptocurrency exchange by volume.

Zhao was forced to resign from the company after pleading guilty to charges brought forward by U.S. authorities. Richard Teng announced on Tuesday:

“It is an honor and with the deepest humility that I step into the role of Binance’s new CEO.

We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear.

With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.

The foundation on which Binance stands today is stronger than ever.

To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team. My focus will be on:

1) reassuring users that they can remain confident in the financial strength, security, and safety of the company

2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections

3) working with partners to drive growth and adoption of Web3

We are here to stay. Please lend me your support. Excited for the days ahead!”

It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.

We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…

— Richard Teng (@_RichardTeng) November 21, 2023

The fundamentals of our business are VERY strong.

Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https://t.co/PHq2YS0CP5

— Richard Teng (@_RichardTeng) November 22, 2023

I'll be doing lots of talking over the next few weeks. Interviews, events, AMAs & more. Look forward to meeting many of you soon.

One point to reinforce now – #Binance’s core values will not change. We remain focused on protecting users & building a platform people love to use.

— Richard Teng (@_RichardTeng) November 24, 2023

The Block had more about Teng:

Prior to joining Binance, Teng served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.

He has also served as the chief regulatory officer at the SGX, where he led the regulation division in charge of policy framework relating to listing, trading and clearing activities.

One member of the crypto community pointed out Teng’s connections to the World Economic Forum—one of the biggest enemies of liberty and the crypto community.

Do you understand what is happening yet anon?

Richard Teng, new Binance CEO. pic.twitter.com/PARcO0F9fk

— Cryptoinsightuk (@Cryptoinsightuk) November 23, 2023

According to CNBC:

The case against Binance, which was disclosed Tuesday, shows that three criminal charges were brought against the exchange, including conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and conspiracy.

The exchange has agreed to $4.3 billion in fines and forfeiture.

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