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Following the recent developments last night and shortly after Binance CEO Changpeng Zhao announced his resignation from the Binance exchange, Richard Teng, who was mentioned as the new CEO in our article published in June, has been appointed as the new CEO of Binance.
Who is Richard Teng?
Richard Teng is a Singaporean businessman with previous mentions as the CEO of Binance. He is known for his extensive experience and expertise in the financial sector, particularly in cryptocurrencies.
Teng completed his bachelor’s degree at the National University of Singapore and later obtained a master’s degree in business administration from the University of Chicago.
In August 2021, Teng was appointed as the CEO of Binance Singapore, a leading fiat-crypto trading platform for the Singapore dollar (SGD). His responsibilities included business growth and compliance with local regulations.
Teng also aimed to maintain a positive relationship with the Monetary Authority of Singapore (MAS) and other stakeholders in the crypto ecosystem to support the company’s interests. In November 2021, he was appointed as the President of Regional Markets at Binance to oversee operations and strategy in Asia, Europe, the Middle East, and North Africa.
Teng emphasized his honor and humility, expressing his determination to create transparency and compliance within Binance and the cryptocurrency industry.
What Are Richard Teng’s Future Plans?
In a recent statement, Richard Teng highlighted three key focus areas:
Teng emphasized his firm stance on ensuring user trust by providing assurance regarding the company’s financial strength, security, and overall safety.
Establishing and maintaining user trust will be the top priority.
Teng stressed the importance of global regulatory cooperation, expressing his intention to collaborate with regulators to uphold high standards globally.
Teng also believed in supporting the growth of Web3, aligning with broader digital trends, and supporting the growth and adoption of Web3 through collaboration with partners.
We are here to stay. Please support me. I am excited for the days ahead.
What’s Next for Changpeng CZ Zhao?
In addition to announcing his resignation, CZ outlined his future plans in a series of posts. He expressed his commitment as a shareholder and a historical source of information for the company while announcing his decision to step back from active leadership.
Reflecting on the recent events, Zhao stated:
What’s next for me? First, I will take a break. I haven’t taken a real break (phone off) for the past 6.5 years.
Zhao revealed his passive investment plans focusing on ventures in the areas of blockchain, Web3, DeFi, AI, and biotechnology, aiming to become a minority token/shareholder.
Regarding the possibility of starting another venture, Zhao expressed a desire for a different role and said:
I can’t see myself running another startup as a CEO again. I’m content being a (lucky) one-time entrepreneur. If there are listeners, I may be open to coaching/mentoring a small number of future entrepreneurs, at least telling them what not to do, if nothing else.
Furthermore, Former CEO CZ, in line with a decision made, will be released on bail with a value of 175 million dollars until the next .
