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The world’s largest crypto exchange saw a change in leadership last week as Changpeng Zhao admitted to money laundering. Civil servant turned crypto executive Richard Teng will now help the company navigate the web of regulatory scrutiny and face the challenge of maintaining customer trust in Binance.
“I made mistakes, and I must take responsibility. This is what is best for our community, Binance and me. Binance is no longer a child. Now it’s time to let it go and let it run. I know Binance will continue to grow and excel with the deep reach it has. I am delighted to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today,” Zhao – known online as CZ – tweeted on November 22. .
Before assuming the top role, Teng had served as the company’s global head of regional markets for a few months. Before serving as Binance’s regional head for Asia, Europe and MENA, he was CEO of Singapore.
In a career spanning 30 years, Teng has also served as CEO of the Financial Services Regulatory Authority in the Abu Dhabi Global Market. He was also Chief Regulatory Officer of the Singapore Exchange and Director of Corporate Finance at the Monetary Authority of Singapore.
The Singapore native also holds a Masters (Distinction) degree in Applied Finance from the University of Western Sydney and graduated with First Class Honors in Accountancy from Nanyang Technological University.
“Together with Richard and the entire team, I am confident that the best days are ahead for Binance and the crypto industry. “As a shareholder and former CEO with historical knowledge of our company, I will be available to the team for consultation as needed, consistent with the framework set forth in our U.S. agency resolutions,” Zhao said in his tweet.
(with inputs from agencies)
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Updated: Nov 28, 2023, 12:49 am IST
