Richard Teng: Steering Binance in a New Era of Compliance

After Binance came under U.S. Department of Justice investigation and its founder Changpeng “CZ” Zhao resigned, the crypto exchange elevated its head of regional markets to CEO. Before then, Richard Teng, the man tasked with navigating the company through its next chapter, was little known.

So, who is the man tasked with cleaning up the reputation of the world’s biggest crypto company?

This profile is part of CoinDesk’s Most Influential 2023. For the full list, click here.

Born in Singapore, Teng has over three decades worth of experience in both financial services and regulation.

He spent 13 years at the Monetary Authority of Singapore (MAS), serving as a director, and then became chief regulatory officer of the Singapore Exchange (SGX). Teng then went on to head up the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM), one of the leading international financial centers in the United Arab Emirates, for six years.

He joined Binance in 2021 as CEO of the crypto exchange’s Singapore division, quickly rising through the ranks to oversee the Middle East and North Africa region, and later, global markets outside the U.S. Under his leadership, Binance secured its full license within ADGM in November 2022.

In March this year, U.S regulators sought to ban Binance, alleging it had been operating in the country illegally. By November, the exchange pleaded guilty to U.S criminal charges of breaking sanctions and money-transmitting laws, agreeing to pay a $4.3 billion fine. Zhao himself pleaded guilty, agreeing to pay $50m and step down as CEO. Teng’s elevation left the crypto world in shock.

Zhao called him a “highly qualified leader,” adding that “he will navigate the company through its next period of growth”.

Teng’s appointment as CEO reflects more than a change in leadership; it symbolizes Binance’s shift towards a more regulated and compliant future. Teng must steer Binance through immediate challenges, like the U.S. crackdown, and to establish it as a model for regulatory compliance in the crypto industry. (Though, it should be said, no major crypto company is less dependent on U.S. action (and inaction) on crypto matters.)

In his first blog, Teng said he was honored to step into the role, adding that he would focus on reassuring Binance’s 150 million users about “the financial strength, security and safety of the company.”

Teng has reiterated that Binance is “here to stay,” adding that the company’s foundation stands “stronger than ever.”