Teng, who previously served as the leader of the Abu Dhabi Global Market, the financial services regulatory body in the UAE's capital, and held a position as a director of corporate finance at the Monetary Authority of Singapore, has most recently acted as the global head of regional markets at Binance.
"I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," CZ wrote.
In a post on X, Teng announced that he has assumed the position of CEO at Binance with "honour and deepest humility".
"We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money," Teng said.
Moreover Teng said "My focus will be on A) reassuring users that they can remain confident in the financial strength, security, and safety of the company; B) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections; and C) working with partners to drive growth and adoption of Web3,"
While the SEC maintains a vigilant watch over Binance's activities, Teng is confronted with the challenge of halting the decline in the exchange's cryptocurrency dominance. This entails preventing further departures of key Binance personnel and attracting new talent to assist in navigating the regulatory challenges.
In his statement regarding Teng's designation, Zhao expressed his commitment to stay accessible as a shareholder and former CEO equipped with historical insights into the company. He emphasized his readiness to provide consultation as required, adhering to the guidelines outlined in the U.S. agency resolutions.
Photo by Vadim Artyukhin on Unsplash
Comments