Binance, the world’s largest cryptocurrency exchange by trading volume, has a new leader at the helm. Richard Teng, who joined the company in August 2021 as CEO of Binance Singapore, has been appointed as the global CEO of Binance, succeeding Changpeng Zhao, who stepped down after seven years.
Richard Teng is an experienced executive with over 30 years of financial services and regulatory experience. Prior to joining Binance, he served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he was recognized as one of the world’s most innovative regulators. He also held senior roles at the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS).
Teng has a Master’s degree in Applied Finance with Distinction from the University of Western Australia and a First Class Bachelor’s degree in Accountancy from Nanyang Technological University.
What are his goals as Binance’s CEO?
In an exclusive interview with Cointelegraph, Teng shared his vision and strategy for leading Binance into a new era of growth and success. He said that he will focus on three aspects of the business: reinstating investor confidence, collaboration with regulators and driving Web3 adoption.
Reinstating investor confidence
Teng said that he will work to reassure Binance’s 150 million users about the financial strength, security and safety of the company, especially after the landmark $4.3 billion settlement with U.S. authorities over allegations of operating illegally and violating anti-money laundering rules.
He said that Binance has learned from its mistakes and is now “totally different” from what it was before. He added that Binance has invested heavily in compliance, risk management, governance and internal controls, and has hired more than 1,000 staff members globally, including former regulators and law enforcement officials.
He also said that Binance is committed to transparency and accountability, and will publish regular reports on its operations, financials, audits and social impact.
Collaboration with regulators
Teng said that he will leverage his extensive regulatory experience and network to foster a constructive dialogue and partnership with regulators around the world. He said that Binance respects and supports the efforts of regulators to protect consumers and promote innovation, and will comply with the local laws and regulations in every jurisdiction where it operates.
He said that Binance is actively seeking licenses and registrations in various markets, and is open to working with existing or new regulators to create a conducive and harmonious environment for the crypto industry.
He also said that Binance is willing to share its insights and expertise with regulators and policymakers, and to contribute to the development of global standards and best practices for the crypto sector.
Driving Web3 adoption
Teng said that he is passionate about the potential of Web3, the decentralized and user-centric internet powered by blockchain and other technologies. He said that Binance is not only a crypto exchange, but also a platform and ecosystem that supports the innovation and development of Web3 applications and solutions.
He said that Binance will continue to invest in and incubate Web3 projects, such as Binance Smart Chain, Binance NFT, Binance Launchpad and Binance Labs. He also said that Binance will collaborate with other Web3 players, such as developers, entrepreneurs, investors, educators and influencers, to grow the Web3 community and user base.
He also said that Binance will educate and empower its users to participate in and benefit from Web3, by providing them with easy and secure access to various Web3 products and services, such as DeFi, NFTs, DAOs and Metaverse.
What are his challenges and opportunities?
Teng acknowledged that he faces many challenges and opportunities as Binance’s new CEO. He said that the crypto industry is still in its infancy and is constantly evolving and growing, which brings both risks and rewards.
He said that some of the challenges he faces include:
- Navigating the complex and diverse regulatory landscape and expectations across different jurisdictions
- Balancing the needs and interests of various stakeholders, such as users, regulators, partners, employees and shareholders
- Maintaining the high standards and reputation of Binance as the market leader and innovator in the crypto space
- Managing the rapid growth and expansion of Binance’s business and operations, while ensuring efficiency and quality
- Attracting and retaining the best talent and talent diversity in the crypto industry
He said that some of the opportunities he sees include:
- Capitalizing on the increasing demand and adoption of crypto and Web3 by individuals, institutions and governments
- Leveraging Binance’s global reach, scale and network to create value and impact for its users and the crypto community
- Exploring new markets, products and services that can enhance Binance’s offerings and competitive edge
- Fostering a culture of innovation, collaboration and excellence within Binance and the crypto industry
- Making a positive social and environmental contribution through Binance’s initiatives, such as Binance Charity and Binance Green
What are his messages to the crypto community?
Teng said that he is grateful and humbled by the trust and support of the crypto community, and that he is excited and optimistic about the future of Binance and the crypto industry.
He said that he hopes to continue the legacy and vision of Changpeng Zhao, who remains as Binance’s founder and board member, and to work closely with him and the rest of the Binance team to achieve the company’s mission of increasing the freedom of money for everyone.
He also said that he welcomes the feedback and suggestions of the crypto community, and that he invites them to join him and Binance in building and shaping the Web3 world.