Richard Teng has taken on the role of CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, after Changpeng Zhao (CZ), founder of Binance, resigned after pleading guilty to charges. was forced to violate anti-money laundering (AML) regulations and other compliance requirements in a $4.3 billion deal with the US government and served four months in prison.
Teng, who took over as CEO of Binance Singapore in August 2021, brings more than three decades of experience in financial services and regulatory affairs, demonstrating seasoned industry leadership. Teng takes the helm at Binance as the exchange faces regulatory challenges globally, with uncertainty over how it will operate financially following a huge fine – the largest in Treasury history. the United States itself.
This article will explore Teng’s educational, family and professional background, the timeline of his involvement with Binance, his views on the post-CZ era at the exchange, and the challenges he will face. face, the way he dispels doubts, his plans to promote growth, his approach to the European market and the awards he has achieved.
Teng’s educational and family background
Born in Singapore in 1971, Teng holds a Bachelor of Accounting degree from Nanyang Technological University Singapore (1991-1994) with distinction. In 1998, he received a Master’s degree in Applied Finance with excellent results from the University of Western Australia. In 2004, he completed the executive leadership program at the Wharton School.
Regarding Teng’s family background, there is very little information available on public media, except that his mother worked at a nursing home.
Teng’s professional background
Starting his career as an auditor at PricewaterhouseCoopers, Teng joined the Monetary Authority of Singapore (MAS) in 1997. He worked at MAS for over 13 years, holding senior roles such as director of corporate finance. Karma. His regulatory experience at MAS covers the banking, insurance and capital markets sectors. In various roles, he helped shape the transformation of Singapore’s financial services industry in the late 1990s, especially the development of the private banking and capital markets sectors.
In 2007, Teng moved to the Singapore Exchange (SGX) as chief regulatory officer. Working closely with MAS, he helped develop policies and frameworks for listing, trading and clearing. His work includes approving the admission of listing candidates and enforcing ongoing regulatory compliance.
Teng worked at SGX until February 2015 and then joined the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) in the United Arab Emirates as CEO . He participated in the establishment and operation of the FSRA, overseeing regulatory compliance in financial institutions.
He played a key role in creating the regulatory framework at ADGM, becoming one of the first regulators in the world to introduce a regulatory framework for cryptocurrencies, based on common law and good practices. globally. His tenure is credited with ADGM being recognized as a cutting-edge financial regulator with expertise in the fintech and cryptocurrency sectors.
Teng’s involvement with Binance
Teng’s time at Binance began as CEO of Binance Singapore in August 2021 to global CEO of Binance in November 2023, including diverse regional leadership roles across the Middle East and North Africa (MENA), Europe and Asia.
Teng’s perspective on Binance in the post-CZ era
Teng believes that Binance made mistakes in the early days of cryptocurrency when the legal position was unclear and the cryptocurrency ecosystem was still developing. The exchange has grown dramatically from a six-person team to a global company with around 200 million users in just six years, leaving many gaps in regulatory compliance. However, Teng said that Binance has learned from these mistakes. Furthermore, the legal approach is now much clearer and will help Binance begin a new chapter as a company.
Teng’s appointment as CEO is not a surprise. CZ once talked about his plans to succeed Teng when he joined Binance. Teng has worked closely with CZ over the past few years and he will now steer the cryptocurrency exchange across different regulatory landscapes around the world.
As an operator with considerable experience as a regulator, Teng is expected to actively contribute to helping Binance deal with the regulatory hurdles it is facing. After taking over as CEO, he laid the foundation for a story that positioned Binance as a business that combines innovation and compliance. As a former regulator, Teng will seek to build trust with authorities and create an environment conducive to stable business.
The main hurdles beyond legal issues will face Teng
Maintain a creative edge
In any technology sector, innovation is often at odds with regulation, which is always playing catch-up. On the one hand, Teng must accept innovation; on the other hand, he must obey the law. Teng will need to walk a tightrope to balance.
Maintaining the leading position in the market
Binance is already the market leader in the cryptocurrency exchange sector. In the post-CZ era, it will be a challenge for Teng to find sync with rapidly evolving market dynamics and keep competitors behind.
Expand into new markets
In recent years, Binance has run into trouble with regulators in many regions and even had to leave markets like the Philippines. To compensate, Binance needs to find new markets. Teng must work strategically to find a balance between growth and compliance.
Security
Cybersecurity is becoming more and more complex and hackers have attacked many exchanges, including Binance. In this context, Teng will need to strengthen platform security and stay on top of security threats.
Teng’s commitment to user fund safety and growth promotion
Since its inception, CZ has been the leader of Binance, and his sudden departure from the center has left many questioning the future of the exchange. Teng reassured the community that Binance is a secure custody platform for user funds. He reaffirmed Binance’s commitment to ease of use, which has always been a highlight of the cryptocurrency exchange. He emphasized that user funds and platform security are sacred at Binance.
Teng emphasized that US agencies have thoroughly reviewed documents with Binance but did not find any misuse of funds. Under CZ, Binance has been a user-oriented company, and Teng plans to continue this policy.
As CEO, Teng acknowledges the regulatory issues facing Binance but emphasizes that the company has hired people with expertise in handling regulatory issues. The company has specifically hired people who have worked in compliance at financial institutions and regulators. He looks forward to working with regulators around the world and meeting global standards.
As a market leader, Teng will seek global and local partners to promote the development of Web3 and increase cryptocurrency adoption. Teng feels that there is a viable atmosphere for the rapid development of cryptocurrencies. Leading companies have plans for Web3 and new projects are emerging. This will lead to an atmosphere of vibrant growth and plenty of liquidity.
Teng’s approach to the European market
The European Union’s Crypto Assets Regulation (MiCA) will come into effect in 2024 and a business licensed in any member state will be able to do business in all of them. of the alliance. However, some countries, such as France and Germany, are better prepared to implement MiCA than others, and Binance will need to carefully choose the EU countries in which it wants to operate. This becomes important in light of the regulatory issues Binance has faced in several European countries.
The exchange was forced to shut down operations in Belgium, was forced to abandon its registration with a regulator in Cyprus, failed to obtain a license in the Netherlands and voluntarily withdrew applications for regulatory approval in European countries. Europe is as big as Germany and Austria.
As Binance’s new top operator, Teng sees the opportunity that MiCA presents, allowing companies to operate in all 27 countries at once. Under CZ, Binance was forced to abandon most of Europe. However, the new legal framework will open a new opportunity for Binance to participate and try its luck.
Awards and recognitions achieved by Teng
Under Teng’s leadership, ADGM was named Financial Center of the Year (MENA) by Euromoney’s Global Investors Group in 2016 and 2017.
Teng is a frequent public speaker, especially on fintech regulations.
The way forward
Teng’s forward-looking approach emphasizes overcoming regulatory challenges to create an environment that is win-win for investors, users and regulators. This approach aligns with its vision of sustainable development, helping Binance overcome complexities while remaining compliant and innovative.
With a strategic focus on collaboration and compliance, Teng aims to steer Binance to continued success by balancing innovation and regulatory compliance, ensuring the platform’s survival and stability in the marketplace. growing school.
Thach Sanh
According to Cointelegraph
