Richard Teng outlined his priorities as the new CEO of Binance, the largest cryptocurrency exchange in the world, in his first blog post in his new role. In the Nov. 27 post, Teng highlighted his goals of collaborating with policymakers, protecting users, and advancing a global regulatory framework. He assumed this position after serving key roles in multiple financial regulatory institutions.
Teng said in the post that he was honored and humbled to succeed "the visionary founder" as Binance’s new CEO. Teng said that for the last two years, Binance has worked to correct historical compliance issues by recruiting and retaining "the right personnel to strengthen Binance’s compliance program and culture." He said the company has now turned the page on those past challenges, and he looks forward to leading Binance into the future.
Teng said it is more important than ever for the crypto industry to focus on collaborating with policymakers and work towards a "globally harmonized regulatory framework" that protects consumers and promotes innovation. "I am eager to work with my peers across the industry on this critical effort and know that our voice will be heard more loudly when we’re united," Teng said in the post. He said he believes his prior financial and regulatory experience supports his understanding of the challenges and opportunities presented by the crypto industry.
Before joining Binance in Aug. 2021, Teng was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore, according to Binance’s website.
Teng encouraged Binance users to remain confident in Binance’s financial strength, security, and safety, according to the post. "Not only does Binance continue to operate the world's largest cryptocurrency exchange by volume but our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits," Teng said. He said that more importantly, Binance remains committed to its role as a custodian and backs all of its users’ assets 1:1.
