Who Is New Binance CEO Richard Teng? What Are His Next Plans?

Soon after former Binance CEO Changpeng Zhao announced his resignation from the crypto firm, the company appointed Richard Teng as the new Binance CEO.

Know More About Richard Teng

Richard Teng is a seasoned Singaporean businessman and former regulator with extensive experience and expertise in the financial industry, particularly in the field of cryptocurrencies.

He earned his bachelor’s degree in accountancy from the National University of Singapore and later pursued a master’s degree in business administration from the University of Chicago.

In August 2021, Teng assumed the role of CEO at Binance Singapore, the leading fiat-to-crypto trading platform for Singapore dollars (SGD). His responsibilities included expanding the business and ensuring compliance with local laws.

Additionally, Teng aimed to cultivate a positive relationship with the Monetary Authority of Singapore (MAS) and other stakeholders in the crypto ecosystem. In November 2021, he took on the position of Head of Regional Markets at Binance, overseeing operations and strategy in Asia, Europe, the Middle East, and North Africa.

Expressing his honor and humility, Teng emphasized his commitment to building trust, transparency, and compliance within Binance and the broader crypto industry. He pledged to collaborate closely with Zhao and the team to advance Binance’s mission of enhancing financial freedom for all.

What Are Teng’s Next Plans?

In a recent statement, Richard Teng, highlighted three key areas of focus:

1. Ensuring User Confidence: Teng emphasized his commitment to assuring users of the company’s financial strength, security, and overall safety. Building and maintaining user confidence will be a top priority.
2. Global Regulatory Collaboration: With a dedication to upholding high standards globally, Teng expressed his intention to collaborate closely with regulators. The goal is to strike a balance that fosters innovation within the industry while providing essential consumer protections.
3. Driving Web3 Growth: Teng underscored the importance of working collaboratively with partners to propel the growth and adoption of Web3, aligning with the broader trends in the digital landscape.

“We are here to stay. Please lend me your support. Excited for the days ahead,” added Teng.

What Are Changpeng CZ Zhao’s Next Plans?

CZ also outlined his plans for the future in a series of posts. While expressing his commitment as a shareholder and a source of historical knowledge for the company, Zhao announced his decision to step back from active leadership.

Addressing the unfolding events, Zhao shared, “What’s next for me? I will take a break first. I have not had a single day of a real (phone off) break for the last 6 and a half years.” He revealed plans for passive investing, intending to become a minority token/shareholder in startups across blockchain, Web3, DeFi, AI, and biotech.

On the prospect of founding another venture, Zhao expressed a desire for a different role, stating, “I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur.” Open to mentoring upcoming entrepreneurs, he added, “If there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.”

For now, CZ is out of custody on a $175 million bond until his next sentencing on February 23, 2024.