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Richard Teng Appointed New CEO of Binance

2023.11.22

 

Key Takeaways

  • Richard Teng named CEO of Binance after Zhao’s resignation.
  • Binance faces a new era focusing on compliance and growth.

Leadership Transition at Binance

In the aftermath of Changpeng Zhao’s guilty plea to federal charges and subsequent resignation as Binance CEO, the crypto exchange has appointed Richard Teng, a veteran in financial regulation, as its new CEO. Teng’s previous roles include leading the Abu Dhabi Global Market’s financial services and working with the Monetary Authority of Singapore.

Zhao’s Departure and Reflections

Changpeng Zhao’s departure marks a significant shift for Binance. In his public statement, Zhao emphasized his responsibility for the legal challenges faced by the company. He noted his pride in Binance’s integrity regarding user funds and market operations and expressed his future interest in mentoring emerging entrepreneurs.

Charges and Settlement

The case against Binance, now public, reveals charges of conducting unlicensed money-transmitting business and violating international economic powers acts. Binance has agreed to a substantial settlement, totaling $4.3 billion in fines and forfeiture. Zhao personally accepted culpability for violations of the Bank Secrecy Act.

Teng’s Vision for Binance

As the new leader, Richard Teng aims to reassure users about Binance’s financial robustness and commitment to security. His focus will include collaborating with regulators globally to balance innovation and consumer protection, and driving the growth and adoption of Web3 technologies.

Zhao’s and Teng’s Commitment to Binance’s Future

Zhao praised Teng as a highly qualified leader, well-equipped to guide Binance through its next growth phase. Teng’s vast experience in financial services and regulation positions him to navigate the company in an increasingly complex regulatory environment. His appointment is seen as a strategic move to enhance Binance’s security, transparency, and compliance.

 

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