In the wake of Changpeng Zhao’s exit, Richard Teng has taken the helm as the new Chief Executive Officer (CEO) of Binance, the world’s largest cryptocurrency exchange in terms of trading volume. On Tuesday, Teng introduced himself to the public through the social media platform X, assuring stakeholders that under his leadership, Binance will “continue to meet and exceed their expectations.”
This week marked a significant milestone for the cryptocurrency industry as one of the largest settlements in its history unfolded. The settlement involved Binance and the U.S. Department of Justice, resulting in fines totaling approximately $4.3 billion for the exchange.
In the aftermath of this development, Binance’s CEO, Changpeng Zhao, widely known as “CZ,” stepped down. Following the settlement, CZ announced via Twitter on Tuesday that Richard Teng, the former Global Head of Regional Markets at Binance, had been appointed as the new CEO.
Teng brings a wealth of experience in the finance sector to his new role at Binance. His career includes various significant positions in regulatory and financial institutions, including the Singapore Exchange and Abu Dhabi Global Market. Additionally, he has accumulated over a decade of experience at the Monetary Authority of Singapore.
“It is an honor and with the deepest humility that I step into the role of Binance’s new CEO,” Teng stated on the social media platform X.
The new head of Binance added:
“We operate the world’s largest cryptocurrency exchange by volume. The trust placed in us by our 150 million users and thousands of employees is a responsibility that I take seriously and hold dear.”
Teng outlined his goals, which include reinforcing Binance customers’ confidence in the company’s stability, engaging with regulatory bodies worldwide, and collaborating with partners to advance the adoption of Web3. Several individuals responded to Teng’s social media post, with Tron founder Justin Sun welcoming him and expressing his belief that Binance, under Teng’s leadership, will enter a new chapter and achieve new successes.
Adam Cochran, a partner at Cinneamhain Ventures, expressed his hope that the exchange could “raise the bar” and mentioned that he was “wiping the slate clean” in terms of his opinion of Binance. Cochran wished Teng and his team success on their “new journey.”