Who Is Richard Teng, the CEO of Binance Appointed After Just 2 Years and 4 Months?
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Who Is Richard Teng, the CEO of Binance Appointed After Just 2 Years and 4 Months?
Richard Teng joined Binance in 2021, and in just 2 years and 4 months, he has experienced five consecutive promotions.
Navigating Web3 tides with focused insightsAuthor: The Wandering Squirrel
It's official. On November 22, Binance founder Changpeng Zhao (CZ) announced his resignation as CEO: "I made mistakes, and I must take responsibility." Meanwhile, Richard Teng will succeed him as Binance’s new CEO.
This is not surprising.
As early as June this year, Bloomberg published an article titled "Binance’s Regulatory Troubles Pave the Way for CZ’s Successor," predicting that if CZ stepped down due to regulatory issues, Richard Teng would likely become the next CEO of Binance.
The market often moves ahead of time. As early as 1 a.m. on November 22—before the U.S. Department of Justice had officially released any news—a meme token named Richard Teng appeared on Uniswap.
To most people, the name Richard Teng is relatively unfamiliar. In fact, he isn't a long-time Binance veteran. According to his LinkedIn profile, Richard Teng joined Binance in 2021—just 2 years and 4 months ago—and has since experienced five consecutive promotions.
Teng initially served as CEO of Binance's Singapore subsidiary, then was promoted in December 2021 to lead Binance’s Middle East and North Africa (MENA) region. In November 2022, he was appointed to also oversee European operations (becoming head of Europe, Middle East, and North Africa). In April 2023, his responsibilities expanded further to include Asia (now leading Asia, Europe, Middle East, and North Africa), and by May 2023, he was overseeing all markets outside the United States.
A key turning point was November 2022, after which Teng’s rise accelerated rapidly.
November 2022 was when FTX collapsed. FTX’s bankruptcy had a massive impact on the cryptocurrency industry—not only causing investor losses but also prompting regulatory bodies worldwide to reevaluate crypto, leaning toward stricter oversight.
After FTX’s downfall, Binance—the world’s largest centralized exchange—faced unprecedented regulatory pressure.
Since then, news involving regulators and Binance has been constant.
In February 2023, BUSD’s issuer announced it would halt minting of BUSD following orders from the New York State Department of Financial Services (NYDFS).
In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil lawsuit in the U.S. District Court for the Northern District of Illinois, accusing Zhao and three entities of repeatedly violating the Commodity Exchange Act (CEA) and CFTC regulations.
In April, officials from Dubai’s Virtual Assets Regulatory Authority (VARA) demanded Binance provide more information about its ownership structure, governance, and audit procedures.
In May, Binance announced it would voluntarily exit the Canadian market due to changing regulatory policies, ceasing services for Canadian users.
In June, the U.S. SEC sued Binance and Zhao, bringing 13 charges including operating an unregistered exchange, broker-dealer, and clearing agency.
...
In this harsh regulatory climate, Richard Teng rose quickly—because he excels at dealing with global regulators.
Looking back at Teng’s resume: Singaporean Chinese, Wharton School, experience at the Monetary Authority of Singapore (MAS), Abu Dhabi Global Market (ADGM)—he carries an impressive set of credentials.
Richard Teng studied at Nanyang Technological University in Singapore from 1991 to 1994. After graduating, he joined MAS, where he spent 13 years until 2007. During his tenure, he led the formulation and management of the Securities and Futures Act, oversaw Singapore’s takeover and merger regulations, and supervised M&A transactions.
While working at MAS, Teng also pursued two additional degrees abroad—one from the University of Western Australia, and another from the prestigious Wharton School at the University of Pennsylvania.
After leaving MAS in 2007, Teng joined the Singapore Exchange (SGX), where he stayed for seven and a half years, rising to Chief Compliance Officer. There, he worked closely with MAS to maintain fair, orderly, and transparent markets.
In March 2015, Teng joined Abu Dhabi Global Market (ADGM), serving as CEO for six years. Under his leadership, ADGM was ranked “Best International Financial Centre in the Middle East and North Africa” for four consecutive years.
Only in 2021 did he join Binance. Overall, Richard Teng’s background is outstanding—especially given his over 20 years of experience in government-related institutions, where he helped shape and enforce regulations. This expertise may prove crucial in helping Binance navigate its current regulatory challenges.
During a Twitter Space session, CZ mentioned that Richard Teng was introduced to him by an employee from Singapore’s central bank, and that he decided to hire Teng just two weeks after their first conversation.
Binance co-founder He Yi previously expressed her approval of Richard Teng in an interview: “I think he’s a highly experienced professional manager. Since joining Binance, his scope of responsibility has continuously expanded. We all really like and respect Richard.”
Richard Teng also reminds me of another major tech executive—Shou Zi Chew, CEO of TikTok. Like Teng, Chew is Singaporean, educated at top universities, and comes from a finance background. TikTok also faces significant regulatory pressure from the U.S. and other countries. Compared to a Chinese national, a Singaporean figure may be better positioned to represent the company externally and help manage a truly global team.
After being appointed Binance CEO, Richard Teng posted on social media outlining his priorities:
1) Ensuring user confidence in the company’s financial strength and security;
2) Collaborating with regulators to uphold high compliance standards globally, fostering innovation while ensuring strong consumer protection;
3) Working with partners to advance Web3 development and adoption.
What Binance will look like under Richard Teng’s leadership remains to be seen. The world is watching.
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