Richard Teng is now Binance's new CEO on Nov. 22, succeeding Zhao Changpeng.

Binance is a global company that runs the world's biggest cryptocurrency exchange in terms of daily trading volume.

Prior to this, he worked at the Monetary Authority of Singapore (MAS) and SGX, according to The Business Times.

Teng wrote on X in a post that it was an "honour and with the deepest humility" that he took on his new role at the world's leading cryptocurrency exchange platform.

It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.

We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold…

— Richard Teng (@_RichardTeng) November 21, 2023

30 years of experience in financial industry

Teng took over Zhao Changpeng, who stepped down on Nov. 21 to resolve a criminal investigation case in the U.S..

With over 30 years of experience in the financial industry, Teng has held key roles in the financial services and regulatory space in Singapore, The Business Times reported.

Teng was formerly the director of corporate finance at MAS, and chief regulatory officer at SGX between 1994 and 2015.

Before joining Binance, Teng also held the position of CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.

In August 2021, Teng joined Binance as the CEO of Binance Singapore. However, the exchange wound up its operations in Singapore in early 2022.

Soon after, Zhao appointed Teng as the head of all regional markets outside the U.S., including markets in Europe, the Middle East, and North Africa, according to Bloomberg.

Currently, Teng is also an advisory board member of the Blockchain Association Singapore, and an international council member at the Global Fintech Institute, The Business Times reported.

Challenges ahead for Teng

A few challenges lies ahead for Teng as he assumes his new role.

Teng now is expected to chart the path forward for Binance as the criminal investigation ends, Bloomberg said.

Zhao pleaded guilty in the U.S., as part of a settlement that cost US$4.3 billion (S$5.80 billion). The investigation started since 2020, The Guardian reported.

Teng also takes on the challenge to maintain customer's confidence in Binance after a global digital-asset markets rout last year. Bloomberg also reported that Binance's dominance in crypto spot and derivatives trading has fallen due to its recent regulatory probes.

In 2022, financial markets experienced a sudden drop in prices across a wide range of digital assets, causing many cryptocurrency platforms, including FTX, to file for bankruptcy.

In his post on X, Teng said that he would aim to ensure the "strength, security, and safety" of the platform for its 150 million users, and work with partners to "drive growth and adoption of Web3".

He added that he would also cooperate with regulators to "uphold high standards" of global regulations.

'New page' for Binance

Several notable cryptocurrency founders and financial professionals congratulated Teng on his new position.

Binance's co-founder Yi He wrote "New page" in response to Teng's new role.

New page. #Binance #BNB https://t.co/EGAsr9FF2m

— Yi He (@heyibinance) November 21, 2023

Decentralised blockchain platform TRON's founder, Justin Sun, sent his congratulations to Teng on X:

Richard, congratulations on becoming the new CEO of Binance. I believe that under your leadership, Binance will enter a new chapter and achieve new successes. We are also willing to continue strengthening our collaboration with Binance, driving development and innovation… https://t.co/SE0atagSpE

— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023

Top image from Binance/X and Richard Teng/X.