Binance, the world’s largest cryptocurrency exchange in terms of trading volume and user base, has recently undergone a change in its CEO position. Changpeng Zhao (CZ), the founder and former CEO of Binance, has stepped down as part of a settlement to resolve charges with U.S. agencies.
As a result of this development, Richard Teng, who previously held the role of Binance’s head of regional markets outside the U.S., has emerged as a top candidate to succeed CZ as the new CEO of Binance. This change in leadership reflects the company’s response to regulatory challenges and enforcement actions. Richard’s extensive experience in financial services and regulation plays a significant role in his potential appointment as CEO.
But who is Richard Teng? This article dives into who will be leading the world’s largest cryptocurrency exchange forward as CZ takes a bow.
Educational background
Richard Teng’s educational background is characterized by a strong foundation in finance and leadership development. He earned his first degree with First Class Honors in Accountancy from Nanyang Technological University in Singapore.
In addition to his undergraduate degree, Richard holds a Master’s degree in Applied Finance from the University of Western Sydney, Nepean, Australia, which he obtained in 1998. This program equipped him with advanced knowledge and skills in applying financial principles to real-world scenarios.
Furthermore, six years later, Richard attended the Wharton School, University of Pennsylvania, where he participated in an Executive Leadership Programme. This experience provided him with the necessary foundation for strategic leadership, management, and decision-making at an executive level. The Wharton School is renowned for its business education, and completing a program there demonstrates a commitment to continuous professional development.
Career overview
The new CEO brings a wealth of experience to the table, having served as the Director of Corporate Finance at MAS for 13 years after completing his first degree. During his tenure, he gained extensive regulatory expertise in banking, insurance, and capital markets.
His notable contributions include spearheading the transformation of Singapore’s financial services sector in the late 1990s, as well as leading initiatives in private banking and capital markets. He played a pivotal role in formulating and implementing financial acts, developing regulatory frameworks, and overseeing the Singapore Code on Takeovers and Mergers.
Furthermore, he chaired the APRC Working Group, facilitating mutual recognition in Asia, and acted as Chief Negotiator for the financial services sector in the Singapore-Korea Free Trade Agreement. His involvement extended to various committees and subcommittees within the Singapore Exchange and ICPAS.
Richard held the position of Chief Regulatory Officer at SGX (Singapore Exchange) from 2007 to 2015. During this time, he led the Regulation Group and worked closely with the Monetary Authority of Singapore (MAS) to ensure a fair, orderly, and transparent market.
Under Richard’s leadership, the Regulation Group formulated policies, frameworks, and rules related to listing, trading, and clearing. It also played a crucial role in developing regulatory solutions for new products and services. The group monitored compliance and enforced regulations, overseeing units such as Issuer Regulation, Catalist Regulation, Membership Supervision, Surveillance, Regulatory Development, and Policy and Legal.
After his tenure at SGX, Richard joined the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) in March 2015. He served as the CEO of the Financial Services Regulatory Authority until March 2021, where he played a vital role in establishing and implementing the financial services regulatory and supervisory framework of ADGM. His responsibilities included promoting fairness, openness, and transparency in the financial market.
Under his leadership, ADGM became a trailblazer in the Middle East and Africa with the introduction of the Fintech Regulatory Laboratory Framework. This pioneering initiative positioned ADGM as a hub for supporting Fintech stakeholders in the development, testing, and deployment of their products within a controlled environment.
Prior to joining Binance in 2021, he served as the Board Director of Lulu Financial Group. Additionally, he held advisory board positions at the Blockchain Association of Singapore and was an International Council member of the Global FinTech Institute.
Binance Role
In 2021, Richard Teng joined Binance as the CEO of Binance Singapore from August to December. He then took on several roles within the company, including Regional Head of MENA for ten months, Regional Head of Europe and MENA for six months, Regional Head of Asia, Europe, and MENA for two months, and Head of Regional Markets for seven months.
Recently, the company announced that Richard, the former CEO of its Singapore arm, will take over as the new CEO as CZ steps down due to allegations against Binance and CZ in the US.
As the newly appointed CEO of Binance, Richard brings extensive experience in both traditional and crypto markets. His expertise in establishing regulatory frameworks aligns with Binance’s focus on this vital aspect of the crypto space.
Throughout his career, Richard has shown a deep commitment to regulatory leadership and capital markets, playing a pivotal role in shaping financial market regulations and fostering Fintech innovation.
Closing
With an impressive resume and a track record of success, Richard Teng appears to be well-equipped to lead the next chapter of the world’s largest cryptocurrency exchange. As the new CEO of Binance, his appointment has garnered praise and attention.
However, there will also be a watchful eye on his performance, as regulators and the global cryptocurrency community will closely scrutinize his actions and decisions. The responsibility and expectations placed upon him are significant, considering the influential role that Binance plays in the crypto industry.
