Richard Teng has been named the new CEO of Binance, the world’s largest cryptocurrency exchange by trading volume. He is a Singaporean businessman, a former regulator, and a financial industry veteran with extensive experience and expertise in the crypto space.
Teng was born in Singapore in 1971 and graduated from the National University of Singapore with a bachelor’s degree in accountancy. Later, he obtained a master’s degree in business administration from the University of Chicago. He began his career as an auditor at PricewaterhouseCoopers and then joined the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, in 1997. He spent 13 years at MAS, where he held various senior positions, such as the director of corporate finance, director of market conduct, and chief regulatory officer.
In 2010, Teng left MAS to become the Singapore Exchange (SGX) chief regulatory officer of the country’s stock exchange and derivatives market. He oversaw the regulation and compliance of SGX’s listed companies, members, and clearinghouses. He played a crucial role in developing and implementing SGX’s regulatory policies and frameworks, such as the listing rules, the securities trading rules, and the risk management system.
Teng moved to Abu Dhabi, the capital of the United Arab Emirates, in 2015 to become the CEO of the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM), an international financial center and free zone. He established and operated the FSRA, which regulates and supervises the economic activities and entities in ADGM, such as banks, asset managers, exchanges, fintech firms, and crypto businesses. He also helped to shape ADGM’s legal and regulatory framework, which is based on the common law and international best practices. Under his leadership, ADGM became one of the most progressive and innovative financial regulators in the region and the world, especially in fintech and crypto.
In August 2021, Teng joined Binance as the CEO of Binance Singapore, the leading fiat-to-crypto platform for trading cryptocurrencies in Singapore dollars (SGD). He was responsible for growing the business and ensuring its compliance with local laws and regulations. He also aimed to foster a constructive and collaborative relationship with the MAS and other stakeholders in the crypto ecosystem.
In November 2021, Teng was appointed head of regional markets at Binance. This newly created role oversees the business operations and strategy of Binance in Asia, Europe, the Middle East, and North Africa.
On November 22, 2023, Teng was officially announced as the new CEO of Binance, replacing Zhao, who will remain the company’s chairman and chief visionary officer. Teng said he was honored and humbled by the opportunity and would focus on building trust, transparency, and compliance for Binance and the crypto industry. He also said he would work closely with Zhao and the rest of the team to continue Binance’s mission of increasing everyone’s freedom of money.