Richard Teng, the newly appointed CEO of Binance, stated during an X Spaces event on Dec. 1 that one of his top three priorities is to promote regulatory clarity for the global cryptocurrency industry. Binance, recognized as the world's largest crypto exchange, disseminated Teng's comments in a post dated Dec. 4.
"The direction of travel is clear: we are going to see more regulations within crypto. Regulatory clarity is good for the entire industry, and I am committed to promoting it," Teng said. "We need everyone to play by the same standards and that will help bring about mass adoption."
According to the post, Teng also highlighted during the discussion that apart from promoting regulations, his "immediate priorities" include maintaining focus on Binance users and initiating partnerships that will foster crypto adoption and deployment.
In his inaugural blog post as CEO on Binance's website, Teng expressed the necessity for the crypto industry to prioritize collaboration with policymakers. This collaboration aims at developing a "globally harmonized regulatory framework" for the industry that ensures consumer protection while encouraging 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," said Teng in his Nov. 27 post.
Criticism towards the current regulatory landscape for crypto in the U.S. has been voiced by lawmakers such as Sen. Cynthia Lummis (R-WY). She argued that the approach adopted by U.S. Securities and Exchange Commission (SEC) towards regulating the industry is counterproductive. In a Nov. 20 post on X, Lummis stated, "The SEC cannot continue ruling by enforcement." She urged Congress to establish a regulatory framework that defines which digital assets are securities and which are commodities.
U.S. Rep. Ritchie Torres echoed similar sentiments, stating that the SEC is undermining Congress’s efforts to legislate comprehensive regulations for the crypto industry. Torres told MarketWatch that the SEC's lawsuit against crypto exchange Coinbase in June "is an egregious example of regulation by enforcement. It demonstrates a complete contempt for Congress which is in the process of developing a [regulatory] framework."
Teng assumed his role as Binance’s CEO on Nov. 21 following the company's settlement with the U.S. Department of Justice over historical compliance issues, as per a press release.
Prior to joining Binance in Aug. 2021, Teng held positions such as 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.
