Richard Teng, Binance’s New CEO
Richard Teng is the new CEO of Binance, the world's largest cryptocurrency exchange by trading volume. He is a Singaporean businessman, former regulator, and veteran of the financial industry who has a wealth of experience and expertise in the crypto space.
Richard Teng is an experienced executive with over three decades of financial services and regulatory experience. Richard joined Binance in August 2021 as CEO of Binance Singapore.
Soon thereafter, he held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance. In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions.
In November 2023, Richard succeeded Changpeng Zhao as Binance CEO.
Richard Teng's Background
Teng, born in Singapore in 1971, holds a bachelor's degree in accountancy from the National University of Singapore and a master's degree in business administration from the University of Chicago. He commenced his career as an auditor at PricewaterhouseCoopers before joining the Monetary Authority of Singapore (MAS) in 1997. Over 13 years at MAS, he held various senior roles, including director of corporate finance, director of market conduct, and chief regulatory officer.
In 2010, Teng transitioned to the Singapore Exchange (SGX) as the Chief Regulatory Officer, overseeing regulatory compliance for SGX-listed companies, members, and clearing houses. He played a pivotal role in formulating and implementing SGX's regulatory policies, including listing rules, securities trading rules, and risk management systems.
In 2015, Teng became the CEO of the Financial Services Regulatory Authority (FSRA) at Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Here, he led the establishment and operation of FSRA, regulating financial activities such as banks, asset managers, exchanges, fintech firms, and crypto businesses. Teng significantly contributed to shaping ADGM's legal and regulatory framework, rooted in common law and international best practices. Under his leadership, ADGM emerged as a progressive and innovative financial regulator, particularly excelling in fintech and crypto-related areas, gaining recognition regionally and globally.
Recognizing the Importance of Family Background
Richard Teng's family heritage sheds light on the less-discussed aspects of his life. While details about his parents remain private, it is known that his family includes a father and a mother, both significant influences in his personal journey.
Richard Teng's mother was engaged in a role at an assisted living facility, indicating a strong commitment to caregiving and community support. Unfortunately, specific names of his parents are not publicly disclosed.
Exploring the family roots of prominent individuals like Richard Teng provides a more personal dimension to their professional stories. The values imparted by parents often shape the character and vision of leaders in their respective fields. In Richard Teng's case, his mother's dedication to working in an assisted living facility highlights a commitment to service and care, offering insight into the values that may have influenced his own journey.
Richard Teng's Strategy Amid SEC Oversight and Global Expansion
In the aftermath of Binance's $4.3 billion settlement with U.S. authorities, CEO Richard Teng emphasizes the exchange's commitment to compliance. Acknowledging past issues, Teng assures a transformative approach, aligning closely with regulators, particularly the SEC, to address historical gaps.
Teng sheds light on Binance's unique regulatory position across 18 jurisdictions, emphasizing investments in the compliance team. Notably, experts from regulatory bodies and financial institutions like the SEC, Morgan Stanley, and Barclays are joining. Binance's expansion in the UAE and France aligns with Teng's vision, capitalizing on Europe's Markets in Crypto-Assets regulations for operational clarity across 27 jurisdictions.
As Binance undergoes a pivotal phase with Teng at the helm, he expresses enthusiasm for steering the exchange through maturation. With a strategic focus on values and expertise, Teng aims to solidify Binance's position in the cryptocurrency landscape amidst evolving global regulations, with particular attention to SEC oversight.
Catherine
