Richard Teng has taken on the role of CEO at Binance, the world's largest cryptocurrency company valued at $60 billion. This change follows the abrupt departure of founder Changpeng Zhao amid legal challenges.

Changpeng Zhao conveyed Richard Teng's appointment through an announcement on X (formerly Twitter). Teng, formerly the Global Head of Regional Markets, is now entrusted with guiding the company into its next phase.

In a social media post, Teng expressed his honor and humility in assuming the role of Binance's new CEO. He acknowledged the responsibility of leading the world's largest cryptocurrency exchange by volume and emphasized the trust placed in the company by its 150 million users and thousands of employees. Teng outlined his commitment to meeting and exceeding stakeholder expectations while upholding the core mission of the freedom of money.

Highlighting the strength of Binance's current foundation, Teng pledged to leverage his three decades of financial services and regulatory experience to guide the team towards a bright future. His focus includes reassuring users about the financial strength, security, and safety of the company, collaborating with regulators globally, and working with partners to drive growth and adoption of Web3.

Richard Teng's background in the financial industry and regulatory affairs spans over three decades. He joined Binance in August 2021 as the CEO of Binance Singapore. In his previous role as the Head of Regional Markets at Binance, Teng oversaw regions outside the United States, fostering alliances, promoting innovation, and advancing the Bitcoin ecosystem globally.

Before joining Binance, Teng served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), establishing himself as one of the world's most innovative regulators. His educational credentials include a Masters in Applied Finance (Distinction) from the University of Western Australia and a First Class Bachelor of Accountancy from Nanyang Technological University. Teng has held notable positions such as Chief Regulatory Officer at the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore in his extensive professional journey.