Richard Teng: Leading Binance Towards the Future of Crypto

In November 2023, CZ (Changpeng Zhao), the founder of Binance, unexpectedly stepped down as CEO after pleading guilty to charges from the U.S. Department of Justice and preparing for a 4-month prison sentence. However, this came as no surprise to Richard Teng, who had been groomed by CZ to succeed him.

1. From Singapore to Binance’s CEO

Born in Singapore in 1971, Richard Teng has a distinguished academic background and over three decades of experience in finance and regulatory services. He has held key positions at notable financial institutions and regulatory bodies, such as the Monetary Authority of Singapore (MAS) and the Singapore Stock Exchange (SGX), where he played a pivotal role in shaping regulations in finance and crypto.

2. Career at Binance and the Rapid Rise

Teng joined Binance in 2021, and within just two years, he rose from the CEO of the Singapore branch to the CEO of the world’s largest crypto exchange. This rapid ascension came as no surprise to Binance employees, who recognized Teng’s exceptional leadership skills.

3. A New Vision: A Trusted Leader

Richard Teng continues to build on Binance’s vision, emphasizing the need for a fresh face to help the company comply better with industry regulations while advancing the development of crypto. He believes that although Binance has grown from a small team to a global company, it has made mistakes along the way and will learn from the past to prepare for the future.

4. Improving Regulatory Compliance and Building a New System

Teng is committed to making Binance a more regulatory-compliant company while focusing on improving crypto adoption in financial and investment organizations. He believes this is crucial to attracting investors and enhancing liquidity. He also asserts that Binance will endure for the long term, with the platform becoming stronger than ever before.

5. Teng’s Leadership Style: A Difference

Teng’s leadership style significantly differs from his predecessor CZ, as he avoids unnecessary discussions and focuses on improving the company from within. His understated and pragmatic approach reflects a tight, organized management strategy for Binance under his leadership.