Cryptocurrency sphere was shaken by the abrupt departure of Changpeng "CZ" Zhao. The burning question on everyone's mind now is, who is the new captain steering the ship at Binance?
Let's delve into the rise of Richard Teng, the freshly appointed leader.
Hailing from Singapore, Mr Teng joined the ranks of the world's largest crypto exchange just over two years ago, initially assuming the role of CEO for his Binance, Singapore.
This pivotal period coincided with Binance facing a rigorous Justice Department investigation.
As regulatory pressures intensified on both the company and Mr Zhao, Teng swiftly ascended through the ranks, orchestrating in the background.
A glance at his LinkedIn profile reveals a dynamic career trajectory. Holding the position of Binance, Singapore CEO for a mere five months, Teng's career trajectory soared as he secured the role of Regional Head for Europe, Asia, and the Middle East and North Africa in April 2023.
This ascent continued as he transitioned to become the Head of Regional Markets in May, culminating in his recent appointment as the head of Binance.
Mr Teng brings a wealth of experience to the forefront. Before stepping into the crypto realm, he navigated the traditional financial and regulatory sectors.
His roles included Director of Corporate Finance at the Monetary Authority of Singapore (MAS) and Chief Regulatory Officer at the Singapore Exchange (SGX).
Prior to his tenure at Binance, Teng undertook pivotal roles in the international financial landscape.
He assumed the role of CEO at the Abu Dhabi Global Market (ADGM), a significant financial centre in the United Arab Emirates.
During his six-year tenure, the ADGM took charge of regulating the trade of digital assets.
In his first public statement since assuming the role, Mr Teng expressed his honour in taking on the role.
He outlined his primary focus: reassuring Binance's large user base, amounting to 150 million users, regarding the company's financial robustness, security measures, and overall safety.
However, challenges loom on the horizon. The preservation of customer confidence takes precedence on Mr Teng's agenda.
Binance, in recent months, has endured reputational storms. In March, US regulators sought to ban the company, accusing it of operating illegally within the country.
Allegations extended to violations of numerous US financial laws, including those designed to combat money laundering.
Undeterred, Mr Teng stands firm on Binance's resilience. Despite the Justice Department's hefty penalty—a staggering $4.3 billion (£3.4 billion)—he reiterates that Binance is "here to stay," emphasizing that the company's foundation is "stronger than ever."
