Binance gets new CEO amid US money laundering probe – Who is Richard Teng? | Mint
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Business News/ News / World/  Binance gets new CEO amid US money laundering probe – Who is Richard Teng?
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Binance gets new CEO amid US money laundering probe – Who is Richard Teng?

Changpeng Zhao, former CEO of Binance, admitted to money laundering and stepped down from his position. Richard Teng, the company's Global Head of Regional Markets, has been named the new CEO.

Richard Teng - the former head of the Middle East and North Africa for crypto firm Binance - gestures as he speaks during an interview with Reuters in Dubai (Reuters)Premium
Richard Teng - the former head of the Middle East and North Africa for crypto firm Binance - gestures as he speaks during an interview with Reuters in Dubai (Reuters)

The world’s largest crypto exchange saw a change of leadership last week as Changpeng Zhao admitted to money laundering. Civil servant-turned-crypto executive Richard Teng will now help the company navigate a web of regulatory probes and take on the challenge of retaining customer confidence in Binance.

“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. I’m pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today," Zhao – known online as CZ – tweeted on November 22.

Teng had served as the company's Global Head of Regional Markets for a few months prior to assuming the top role. He had previously been the Singapore CEO before serving as Binance's Regional Head of Asia, Europe and Mena.

ALSO READ: Binance's investors pull $956 million as Zhao steps down to settle US probe

Over the span of a 30-year career Teng has also served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. He hwas also the Chief Regulatory Officer of the Singapore Exchange and Director of Corporate Finance in the Monetary Authority of Singapore.

The Singapore native also holds a Masters (Distinction) in Applied Finance from the University of Western Sydney and graduated with First Class Honours in Accountancy from the Nanyang Technological University.

“With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead. As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our US agency resolutions," Zhao added in his tweet.

(With inputs from agencies)

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Published: 28 Nov 2023, 12:49 AM IST
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