Crypto
Who is Richard Teng, new Binance CEO – Times of India
Richard Teng is the new CEO of Binance, the world’s largest cryptocurrency exchange by trading volume. He is a Singaporean businessman, former regulator, and veteran of the financial industry who has a wealth of experience and expertise in the crypto space.
Teng was born in Singapore in 1971. He graduated from the National University of Singapore with a bachelor’s degree in accountancy and later obtained a master’s degree in business administration from the University of Chicago.He started his career as an auditor at PricewaterhouseCoopers and then joined the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, in 1997. He spent 13 years at MAS, where he held various senior positions, such as director of corporate finance, director of market conduct, and chief regulatory officer.
In 2010, Teng left MAS and joined the Singapore Exchange (SGX), the country’s stock exchange and derivatives market, as the chief regulatory officer. He was responsible for overseeing the regulation and compliance of SGX’s listed companies, members, and clearing houses. He also played a key role in developing and implementing SGX’s regulatory policies and frameworks, such as the listing rules, the securities trading rules, and the risk management system.
In 2015, Teng moved to Abu Dhabi, the capital of the United Arab Emirates, to become the CEO of the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM), an international financial center and free zone. He led the establishment and operation of the FSRA, which regulates and supervises the financial activities and entities in ADGM, such as banks, asset managers, exchanges, fintech firms, and crypto businesses. He also helped to shape ADGM’s legal and regulatory framework, which is based on the common law and international best practices. Under his leadership, ADGM became one of the most progressive and innovative financial regulators in the region and the world, especially in the areas of fintech and crypto.
In August 2021, Teng joined Binance as the CEO of Binance Singapore, the leading fiat-to-crypto platform for trading of cryptocurrencies in Singapore dollars (SGD). He was tasked with growing the business and ensuring its compliance with the local laws and regulations. He also aimed to foster a constructive and collaborative relationship with the MAS and other stakeholders in the crypto ecosystem.
In November 2021, Teng was appointed as the head of regional markets at Binance, a newly created role that oversees the operations and strategy of Binance’s businesses in Asia, Europe, the Middle East and North Africa.
On November 22, 2023, Teng was officially announced as the new CEO of Binance, replacing Zhao, who will remain as the chairman and chief visionary officer of the company. Teng said that he was honored and humbled by the opportunity and that he would focus on building trust, transparency, and compliance for Binance and the crypto industry. He also said that he would work closely with Zhao and the rest of the team to continue Binance’s mission of increasing the freedom of money for everyone.
Teng was born in Singapore in 1971. He graduated from the National University of Singapore with a bachelor’s degree in accountancy and later obtained a master’s degree in business administration from the University of Chicago.He started his career as an auditor at PricewaterhouseCoopers and then joined the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, in 1997. He spent 13 years at MAS, where he held various senior positions, such as director of corporate finance, director of market conduct, and chief regulatory officer.
In 2010, Teng left MAS and joined the Singapore Exchange (SGX), the country’s stock exchange and derivatives market, as the chief regulatory officer. He was responsible for overseeing the regulation and compliance of SGX’s listed companies, members, and clearing houses. He also played a key role in developing and implementing SGX’s regulatory policies and frameworks, such as the listing rules, the securities trading rules, and the risk management system.
In 2015, Teng moved to Abu Dhabi, the capital of the United Arab Emirates, to become the CEO of the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM), an international financial center and free zone. He led the establishment and operation of the FSRA, which regulates and supervises the financial activities and entities in ADGM, such as banks, asset managers, exchanges, fintech firms, and crypto businesses. He also helped to shape ADGM’s legal and regulatory framework, which is based on the common law and international best practices. Under his leadership, ADGM became one of the most progressive and innovative financial regulators in the region and the world, especially in the areas of fintech and crypto.
In August 2021, Teng joined Binance as the CEO of Binance Singapore, the leading fiat-to-crypto platform for trading of cryptocurrencies in Singapore dollars (SGD). He was tasked with growing the business and ensuring its compliance with the local laws and regulations. He also aimed to foster a constructive and collaborative relationship with the MAS and other stakeholders in the crypto ecosystem.
In November 2021, Teng was appointed as the head of regional markets at Binance, a newly created role that oversees the operations and strategy of Binance’s businesses in Asia, Europe, the Middle East and North Africa.
On November 22, 2023, Teng was officially announced as the new CEO of Binance, replacing Zhao, who will remain as the chairman and chief visionary officer of the company. Teng said that he was honored and humbled by the opportunity and that he would focus on building trust, transparency, and compliance for Binance and the crypto industry. He also said that he would work closely with Zhao and the rest of the team to continue Binance’s mission of increasing the freedom of money for everyone.