In his first blog post since stepping into the role of Binance CEO, Richard Teng has expressed his excitement and commitment towards leading the world's largest cryptocurrency exchange. Previously announced on platform X (formerly Twitter), Teng acknowledges the weight of the responsibility that comes with serving a user base exceeding 160 million.
Taking the baton from visionary founder, Changpeng Zhao (CZ), Teng is poised to honor the company's past while guiding its talented team into the future. He reassures users that Binance's commitment to innovation and value creation, which has been the company's cornerstone, remains unwavering.
Teng plans to continue implementing the proven concepts and principles previously upheld by Binance while ensuring the pursuit of financial innovation is unrelenting. He assures he has the staunch backing of CZ and Binance's leadership team while being focused on achieving the company's key mission - promoting the free flow of value.
Drawing upon his three-decade-long experience in financial services and regulation, Teng is confident in leading Binance through the unique opportunities and challenges that the crypto industry presents. His emphasis on the urgency of gaining regulatory clarity showcases a keen awareness of Binance's compliance issues faced in the past.
"Over the past two years, Binance has strengthened its compliance program and culture through systematic efforts to address past compliance issues, and proactive recruitment and expansion of the right talent pool", stated Teng.
He insists that Binance's transition into a more compliant and transparent version of its former self has reaped strength, signalling the beginning of a new chapter. Collaborating with global policymakers is vital to developing a unified regulatory scheme that encourages institutional innovation and safeguards consumers, according to Teng.
Keeping users at the heart of Binance's operations remains a priority. Teng reasserts his commitment towards ensuring the financial strength, security, and integrity of user assets. Rest assured, he says, that Binance's robust financial health, absence of debt, reasonable expenses, and significant revenue and profit pool reinforce the safety of user assets.
Teng also addresses the transformative potential of Web3, expressing his commitment to push for its growth, application, and the development of a supporting ecosystem. Having effectively established an advanced digital asset regulatory system during his tenure at ADGM, Teng believes his experience equips him sufficiently to navigate Binance through its journey of regulatory compliance.
Open to dialogues with global policymakers and eager to foster confidence amongst crypto investors, Teng anticipates the chance to engage in meaningful conversations and share his thoughts via various platforms and conferences. "As we enter a new phase of Binance’s responsible growth, I welcome the opportunity to engage in meaningful conversations with global policymakers, ensure crypto investors remain confident in the future of the industry, and attract and cultivate the next billion users, in an effort to ensure the long-term sustainability of cryptocurrencies", he concluded.
