Binance chief Changpeng Zhao (CZ) on Wednesday (Nov 22) resigned after pleading guilty to a US criminal charge of failure to protect against money laundering and now we welcome Richard Teng as he takes over as the face of one of the world’s largest crypto exchanges.

Teng, who is currently Binance’s head of all regional markets outside of the United States, will assume the responsibility for navigating the company.

“It is an honour and with the deepest humility that I step into the role of Binance’s new CEO,” he said in a tweet on Wednesday.

“With CZ, and our leadership team’s support, 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,

My focus will be on:

1) reassuring users that they can remain confident in the financial strength, security and safety of the company

2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections

3) working with partners to drive growth and adoption of Web3" he added.

But just who is Richard Teng? 

Teng is no stranger to those in the financial industry in Singapore – and beyond.

With over three decades of experience in the field, he has held key roles in the financial services and regulatory space in Singapore.

Teng served as director of corporate finance at the Monetary Authority of Singapore, and chief regulatory officer at the Singapore Exchange between 1994 and 2015.

In August 2021, Teng joined Binance as the CEO of Binance Singapore. His time in the role was short-lived, however, as the exchange announced in December that year that it would wind up all its operations in Singapore by early 2022.

He currently serves as an advisory board member of the Blockchain Association Singapore, and as international council member at the Global Fintech Institute.