On November 21, 2023, the operator of the Binance cryptocurrency exchange, Binance Holdings Limited, and its head, Changpeng Zhao, pleaded guilty to a number of charges brought by American regulators.
As part of a settlement with the US Department of Justice, the company agreed to pay one of the largest corporate fines in the history of the United States - $4.3 billion.
The founder of the exchange, in turn, left the post of CEO and agreed to pay $50 million. His place was taken by Richard Teng, formerly the head of regional markets of Binance.
Biography of Richard Teng
Teng was born in Singapore in 1971. He received a Master's degree in Applied Finance from Western Sydney University and graduated with honors in Accounting from Nanyang Technological University. Additionally, Teng participated in the Wharton School of Business's executive education program.
Regulatory experience
Prior to joining Binance, Teng held a number of management positions in various financial companies and regulators. In particular, he served as Director General of the Financial Services Authority of the Abu Dhabi Global Market and also headed the Singapore Exchange's listing, trading and clearing policies.
Teng worked for the Monetary Authority of Singapore (MAS) for 13 years, including as Director of Corporate Finance.
During his time at MAS, the specialist was directly involved in resolving regulatory issues covering the banking, insurance and securities sectors. For example, in the late 1990s, he led a major transformation of Singapore's financial services industry to develop private banking and the capital market.
“To ensure a bright future, I intend to use everything I have learned over the past three decades in the financial services and regulatory sectors,” Teng said after being appointed CEO of Binance.
Recall that in May 2023, Teng published an article on Incrypted about the significance of the MiCA bill for the cryptocurrency industry.
Personal life and fortune
Teng is married and has two children, who were living in Singapore as of 2018. At that time, the specialist’s wife managed a local family office, and the children were studying in educational institutions.
At the time of writing, there is no further information available online about Teng's personal life and financial status.
Tenga's career at Binance
Teng joined Binance in 2021 as the head of the exchange's Singapore division. Then it was reported that the specialist should strengthen the platform team in terms of compliance work.
Teng made a fast career at Binance:
- December 2021 - MENA Market Head;
- November 2022 - Head of European and MENA markets;
- April 2023 - head of markets in Europe, Asia and MENA;
- May 2023 - Head of Regional Markets.
According to the exchange’s announcement, Teng was de facto responsible for all regions of Binance’s operations outside the United States. In his statement, Changpeng Zhao said the following about the specialist:
“Richard is a highly qualified leader. With over three decades of experience in the financial services and regulatory sectors, he will lead the company through its next period of growth. He will drive the next stage of Binance's development - security, transparency, compliance and growth."
As head of Binance, Teng's main task will be to prevent the outflow of users from the exchange, as well as ensure the reliability and security of the platform. He noted that he will work with regulators to “maintain high standards at the global level that promote innovation and ensure consumer protection.”
conclusions
Richard Teng joined the Binance team in 2021 as the head of the exchange's Singapore division and has enjoyed a meteoric career with the company. After Binance Holdings Limited pleaded guilty to a number of charges brought by American regulators, its founder Changpeng Zhao resigned as CEO of the company. Teng took this position.
Teng received a Master's degree in Applied Finance from Western Sydney University and graduated with honors in Accounting from Nanyang Technological University. Additionally, the specialist participated in the training program for senior executives at the Wharton School of Business.
Teng worked for the Monetary Authority of Singapore for 13 years, including as Director of Corporate Finance.
As head of Binance, Teng's main task will be to prevent the outflow of users from the exchange, as well as ensure the reliability and security of the platform.
