The CEO of Binance, the biggest cryptocurrency exchange in the world based on trade volume, is now Richard Teng. He assumed his CEO role in November 2023, succeeding founder Changpeng “CZ” Zhao following a landmark $4.3 billion settlement with the U.S. government.
Teng is known for his experienced regulatory background and financial service expertise as well. He has 3 decades of experience in his leadership of Binance during an important transition period.
Early Life and Education of Richard Teng
Richard Teng was born in 1971 in Singapore. His academic journey shows his commitment to the business and finance sector as well. He earned a bachelor’s degree in accounting with honors from Nanyang Technological University of Singapore (1991–1994).
After this degree, he continued his higher education and completed his Master’s Degree in Applied Finance from the University of Western Australia in 1998 which he finished with distinction. In 2004, Teng further enhanced his leadership capabilities by completing an executive leadership program at the well-known Wharton School.
Personal life of Richard Teng
Despite his extensive work roles, Teng has a very well-balanced life. He begins his day with a simple workout that includes weights, cardio, and core exercises. In his free time, he reads and watches movies, showing that he is not just a professional but also someone who enjoys some moments of entertainment.
Richard Teng’s Professional Background
Teng’s career shows his understanding of both regulatory frameworks and traditional finance:
Early career and monetary authority in Singapore
Beginning his career as an auditor at PricewaterhouseCoopers, Teng joined the Monetary Authority of Singapore (MAS) in 1997. There, he worked for 13 years and held multiple senior positions, such as Director of Corporate Finance.
He contributed a lot to the authority, transforming Singapore’s financial services sector, mainly by developing private banking and capital markets.
Singapore Exchange leadership
In 2007, Teng transitioned to the Singapore Exchange ( SGX ) as Chief Regulatory Officer. Working up close with MAS, he played a key role in shaping the policies and frameworks of trading, listing, and clearing.
His work responsibilities were overseeing the approval of listing applicants and ensuring regulatory compliance.
Abu Dhabi Global Market
A milestone in Teng’s career came when he became the CEO of the Financial Services Regulatory Authority ( FSRA ) at Abu Dhabi Global Market ( ADGM ) in 2015.
Under his supervision and leadership, ADGM became recognized as a financial regulator, mainly in cryptocurrency and fintech domains. Teng also headed the introduction of one of the world’s first comprehensive crypto regulatory frameworks.
Binance and Richard Teng
Teng was associated with Binance in the year 2021 as the CEO of Binance Singapore. His roles expanded overseas including multiple regions like the Head of the Middle East and North Africa ( MENA ), European regional leadership, and head of Regional Markets seeing all regions outside the U.S.
He stated that Binance made a lot of mistakes in its early days of cryptocurrency when the regulatory foundation was not clear and the crypto market was still evolving. The exchange then grew from a team of just 6 members to a huge company with almost 166 million users in mere 6 years.
Teng then said that Binance learned from its mistakes and now the regulatory foundations are much stronger and clearer. His joining Binance was not a surprise because CZ himself said multiple times about Teng’s Binance succession plan.
He is an executive with years of experience as a regulator, he is expected to help Binance deal with regulatory issues, after becoming a CEO positioning Binance as a company that combines innovation with compliance.
Leadership style
Teng as Binance’s CEO faced the challenge of steering the company through regulatory issues. He places a high priority on both sustainable growth and regulatory compliance. Teng was likewise dedicated to fostering innovation inside the confines of the law.
Future ahead
The cryptocurrency industry has its eyes on Teng’s leadership as CEO of Binance. His unique blend of regulatory expertise and industry knowledge positions him well to navigate challenges ahead in his journey like rebuilding trust with regulators around the world.
He has to ensure sustainable growth and maintain Binance’s competitive advantage as well. His journey from CEO of other companies to the largest crypto exchange in the world is very impactful.
