With the conclusion of Binance’s settlement with the U.S. authorities, the new Binance CEO becomes Richard Teng, as Changpeng Zhao, the founder-CEO of Binance, the world’s leading cryptocurrency exchange, has stepped down from his role. This decision follows Zhao’s guilty plea to violating US anti-money laundering laws.
As part of the agreementBinance’s settlement with the U.S. authorities, Zhao is restricted from holding a management position in the company for the next three years.
It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.
We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…
— Richard Teng (@_RichardTeng) November 21, 2023
Who is Richard Tend, the new Binance CEO?
Addressing the change in leadership, Zhao took to social media, specifically X (formerly Twitter), to announce the appointment of Richard Teng as the new Binance CEO. Teng, the former Global Head of Regional Markets at Binance, brings over three decades of financial services and regulatory experience to his new role.
“I’m pleased to announce that @_RichardTeng… has been named the new CEO of Binance today. Richard is a highly qualified leader, and he will navigate the company through its next period of growth, ensuring security, transparency, compliance, and growth,” Zhao stated in his announcement.
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 🔶 BNB (@cz_binance) November 21, 2023
Richard Teng, a seasoned executive at Binance, had previously served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), the Chief Regulatory Officer of the Singapore Exchange (SGX), and the Director of Corporate Finance at the Monetary Authority of Singapore.
Teng expressed his gratitude for the appointment, stating, “I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.” He outlined his focus on user confidence, collaboration with regulators, and partnerships to drive growth and adoption of Web3.
Addressing concerns about the stability of Binance in the current crypto sector crisis, Teng reassured stakeholders, stating, “The foundation on which Binance stands today is stronger than ever. To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience.”
As for Zhao, he emphasized his continued involvement with Binance as a shareholder and former CEO, offering historical knowledge and consultation when needed. Looking ahead, Zhao expressed his plans for a break and hinted at passive investing in blockchain, Web3, DeFi, AI, and biotech startups.
“I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately,” Zhao shared about his future endeavors.
In light of the leadership transition, Binance aims to maintain its position as a major player in the cryptocurrency space, with Richard Teng at the helm steering the company through the evolving landscape.
In addition to steering Binance through the evolving crypto landscape, Teng highlighted his commitment to the company’s financial strength and security. Meanwhile, Zhao, stepping back as CEO, plans to engage in passive investing and potentially serve as a mentor to emerging entrepreneurs, sharing his wealth of experience. The leadership transition marks a significant chapter for Binance and its future trajectory.
Meanwhile, the settlement triggered many changes in addition to Richard Teng’s new role as the CEO of the company. If you wish to learn more details about it, make sure to check out our article on how the Binance settlement braced the company for $4 Billion payment as CEO CZ steps down.
Featured image credit: Binance
