Teng Richard (Richard Teng)

Teng Richard (Richard Teng)

Biography

2023: Appointment as CEO of Binance

On November 22, 2023, the CEO of the cryptocurrency exchange Binance Changpeng Zhao resigned from his post. His post was taken by the former head of regional markets, Richard Teng.

In an official statement, Binance said Teng is an experienced executive who has worked in financial services and regulation for more than three decades. He joined the crypto exchange in August 2021, when he took up the position of director of the platform in Singapore. Before that, he served as head of the Financial Services Regulatory Authority of the Abu Dhabi International Financial Center (ADGM), where he is noted to have "actively promoted regulatory innovation." In addition, Teng worked at the Singapore Stock Exchange as Head of Regulation and at the Monetary Authority of Singapore as Director of Corporate Finance.

Shortly after joining Binance, Teng was appointed to the post of head of units in the Middle East, North Africa and Europe, and then all regional structures outside the United States. In this position, he and his team were engaged in developing strategic partnerships, introducing innovations and expanding the cryptocurrency ecosystem. Teng received a Master of Applied Finance (Hons) from the University of Western Australia and a bachelor's degree in accounting from Nanyang University of Technology.

It is noted that Zhao's resignation occurred against the background of an investigation by American regulators. The US Securities and Exchange Commission (SEC) accused the crypto exchange of violating securities rules, as well as misleading investors about risk control procedures. To resolve the case, Zhao will personally pay a fine of $50 million, while penalties of $4.3 billion have been imposed on the platform.^[1]

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