Richard Teng is an experienced executive with over three decades of financial services and regulatory experience. Richard joined Binance in August 2021 as CEO of Binance Singapore.

Soon thereafter, he held roles looking after the MENA

region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance. In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions.

In November 2023, Richard succeeded Changpeng Zhao as Binance CEO.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators.

Richard’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore. Richard received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Binance’s new CEO, also launched his first message since taking up his new role:

“My First Blog as Binance’s CEO” by Richard Teng

As I have said on Twitter earlier, it is an honor and with the deepest humility that I step into the role of Binance’s CEO, succeeding the visionary founder of this incredible company. Over the past six years, Binance has laid a foundation that has positioned it for decades of continued growth and success. Now, my role is to lead our talented and committed team into that future while respecting and learning from the past. This, together with the trust placed on us by our 160M+ users, are heavy responsibilities that I take seriously.

A cornerstone of this organization has always been the idea that innovation should bring value to users. The best way to put this principle into practice – the Binance way – is to consistently deliver best-in-class products that people use and find valuable. As Binance’s new CEO, I am determined to keep steady on this course. We will remain committed to product excellence as we continue to blaze the trail of financial innovation.

I accepted this role with the support of CZ and our leadership team. My commitment is to work tirelessly so that we can meet and exceed the expectations of all stakeholders while achieving our core mission: the freedom of money. With three decades of financial services and regulatory experience under my belt, I understand the unique challenges and opportunities that our industry presents, and I am dedicated to steering us through crypto winters and summers alike.

We have turned the page on Binance’s historical challenges and we are, in fact, stronger today than we have ever been. Over the course of the past two years, Binance has systematically worked to address its past compliance issues through a series of significant efforts to recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.

As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections. 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.

To Our Users

Deeply embedded in Binance’s DNA is the relentless focus on you, our users. You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company.

I am fortunate to be taking on the leadership of a business whose fundamentals are very strong. 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.

But most importantly, we take our responsibility as a custodian very seriously and maintain 1:1 backing for every user asset. Your assets are protected.

From our proof-of-reserves system, which we have continuously improved since it was first implemented more than 12 months ago, to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform.

The Future of Web3

I am deeply committed to the promise of blockchain, such as the opportunities for increased financial inclusion, cross-border remittances, and reduced transaction costs. I also see the opportunity to empower individuals to have more control over their personal data and to foster innovation through decentralized applications. To that end, I intend to drive growth and the adoption of Web3, continuing efforts to build an ecosystem that provides access to world-changing financial technologies.

Making this ambitious vision of a better Web a reality will be impossible without promoting regulatory innovation in a collaborative way. I believe that the years spent at the helm of the Abu Dhabi Global Market, one of the UAE’s foremost international financial centers, equipped me for this component of my new job really well. I am proud to have driven the creation of what is widely regarded as one of the most progressive and forward-thinking regulatory regimes for digital assets in the world. Undoubtedly, this experience gives me the nuanced perspective on the regulatory landscape necessary to lead Binance into the new chapter of its history.

I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs like this one, through my social media accounts – Twitter, LinkedIn – and through the many industry conferences and events around the world.

As we usher in the next phase of Binance’s responsible growth, I am excited for the opportunity to engage in a meaningful conversation with global policymakers, to ensure crypto investors remain confident in the industry’s future, and to engage and educate the next billion users so that we may work to ensure the long-term sustainability of crypto.

Please support me in this journey.

Stay tuned. You will hear from me again here soon!

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