SINGAPORE – Binance’s Mr Richard Teng will succeed Zhao Changpeng as the chief executive officer of the world’s largest crypto exchange after Zhao agreed to step down as part of a sweeping deal to resolve a US criminal investigation.
Mr Teng assumes responsibility for navigating the company as a years-long Justice Department investigation ends. He said in a post on X, formerly Twitter, that he will focus on reassuring Binance’s 150 million users about its “strength, security and safety” and collaborate with regulators “to uphold high standards globally”.
Mr Teng, a Singaporean, had become the front runner to take over as CEO as regulatory scrutiny of Binance and Zhao intensified across a number of key jurisdictions. Zhao in late May appointed him as head of all regional markets outside the US.
Mr Teng takes on the challenge of retaining customer confidence in Binance as digital asset markets recover from a damaging 2022 rout that contributed to the blow-up of rivals such as Sam Bankman-Fried’s FTX. While Binance remains the linchpin platform for crypto spot and derivatives trading, its dominance has declined amid a web of regulatory probes.
Before joining Binance, Mr Teng, who has a master’s degree in applied finance from the University of Western Australia, held other senior positions in the traditional financial sector. These include being director of corporate finance at the Monetary Authority of Singapore (MAS) and chief regulatory officer at the Singapore Exchange (SGX), as well as CEO of Abu Dhabi’s international free trade zone.
Mr Teng, who joined Binance in August 2021 as Singapore CEO, said in the post on X: “To ensure a bright future, I intend to use everything I’ve learnt over the past three decades of financial services and regulatory experience to guide our remarkable, innovative and committed team.”
Zhao pleaded guilty to anti-money laundering violations and agreed to pay a US$50 million (S$67 million) fine on Nov 21 under a deal worked out with the Justice Department designed to keep Binance operating. BLOOMBERG
