Richard Teng is the current CEO of Binance. He joined Binance in 2021 and, in just two years and four months, rapidly rose from being the CEO of Binance's subsidiary in Singapore to become the global CEO of Binance. At Binance, Richard is primarily responsible for the company's regional market operations, which encompass the Middle East and North Africa, Europe, and all regions outside of the United States. His responsibilities include not only strengthening regional partnerships but also promoting the development of the cryptocurrency ecosystem.
Career
Before becoming the CEO of Binance, Richard had a rich career in the financial services and regulatory fields. He served as the CEO of the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM) and was recognized for his expertise in regulatory innovation. Additionally, he held the position of Chief Regulatory Officer at the Singapore Exchange (SGX) and served as the Corporate Finance Director at the Monetary Authority of Singapore (MAS). Richard holds a Master's degree in Applied Finance (First Class Honors) from the University of Western Australia and a Bachelor's degree in Accountancy (First Class Honors) from Nanyang Technological University.
Richard's career began in 1994 when he joined the Monetary Authority of Singapore (MAS), where he worked for 13 years. During his time at MAS, he was responsible for formulating and managing securities and futures legislation and overseeing Singapore's takeover and merger rules. He also pursued further studies overseas, attending the University of Western Australia and the Wharton School at the University of Pennsylvania. After leaving MAS, Richard joined the Singapore Exchange (SGX), where he worked for over seven years, ultimately serving as Chief Compliance Officer. In 2015, he joined the Abu Dhabi Global Market (ADGM), where he held the position of CEO for six years.
Primary Responsibilities
As the CEO of Binance, Richard's main areas of focus include ensuring the company's financial strength and security, collaborating with global regulatory authorities to maintain high compliance standards, and driving the development and adoption of Web3 technologies. His rapid ascent and significant contributions to Binance have earned him high praise from colleagues and the industry.
One of the major challenges Richard faces after assuming the role of Binance CEO is restoring and maintaining customer confidence in Binance. This challenge stems from the backdrop of the digital asset market's recovery following a downturn in 2022, as well as a decline in Binance's dominant position amid a series of regulatory investigations. Richard has expressed his dedication to ensuring the confidence of Binance's 150 million users in the company's "strength, security, and protection" and working with regulatory authorities to uphold global compliance standards.
As regulatory scrutiny intensifies across multiple jurisdictions concerning Binance and its former CEO, Changpeng Zhao, Richard, as a former civil servant and a crypto industry executive, has become a top choice to take over as CEO. In May 2023, Changpeng Zhao appointed Richard to oversee all regional markets outside of the United States, a decision that demonstrates trust and expectations placed in him.
