Binance, the world’s largest cryptocurrency exchange, announced that Richard Teng will take over as CEO, replacing Changpeng Zhao (CZ). The announcement comes after CZ pleaded guilty to insider trading charges and resigned from his position.
In a announcement on social media, CZ said he was “happy to announce that Richard Teng, our now former Global Head of Regional Markets, was today named the new CEO of Binance. Richard is a highly skilled leader and with over three decades of financial services and regulatory experience, he will guide the company through its next period of growth. He will ensure Binance achieves our next phase of security, transparency, compliance and growth.
Who is Richard Teng?
Teng, who was previously Global Head of Regional Markets at Binance, brings over three decades of financial services and regulatory experience to the role. Prior to joining Binance, Teng held senior positions at the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM), the Singapore Exchange (SGX), and the Monetary Authority of Singapore. As CEO, he will oversee Binance’s next phase of growth, with a focus on security, transparency, compliance and expansion. This announcement follows the resignation of former Binance CEO Changpeng Zhao, who will remain available to the team as a consultant.