Richard Teng, the now former Head of Regional Markets at Binance, has taken over the role of Chief Executive Officer at the crypto exchange as Changpeng Zhao dramatically stepped down from the helm.

A Former Regulator Is Now Binance CEO

Teng spent more than two years of his career at Binance in various executive roles. He also held a notable Director of Corporate Finance position at the Singaporean financial market regulator where he spent 13 years. He joined Binance in mid-2021 as the Singapore CEO and later oversaw many regional operations.

According to his LinkedIn profile, he concluded his long regulatory role in 2007 by joining Singapore Exchange as the Chief Regulatory Officer. Later, he spent six years as the CEO of Abu Dhabi Global Market until he joined Binance.

For the top role at Binance, Teng has replaced Zhao, who has now pled guilty to criminal money laundering charges brought by the US federal prosecutors. He is the Founder of Binance and has run the company, the top crypto exchange in terms of trading volume, since its inception in 2017.

A Right Candidate for the Moment?

Announcing his departure and Teng’s appointment, Zhao wrote on Twitter: “Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.”

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ 🔶 Binance (@cz_binance) November 21, 2023

In a social media post, Teng highlighted that, as the CEO of Binance, his two priorities will be "to reassure users that they can remain confident in the financial strength, security, and safety of the company” and collaborate with “regulators to uphold high standards globally that foster innovation while providing important consumer protections.”

Interestingly, Binance has hired several former regulatory executives over the years across many roles. One of the prominent appointments was Brian Brooks, who helmed the Office of the Comptroller of the Currency, as the CEO of Binance’s US arm. However, he stepped down after only a couple of months.