Richard Teng: The Ex-Regulator Stabilizing Binance

As a seasoned crypto investor with a keen eye for leadership and regulatory compliance, I find myself impressed by Binance CEO Richard Teng. Unlike his predecessor CZ, who was more of a disruptive force in the crypto world, Teng’s background as a former regulator in Singapore and the UAE makes him an ideal leader to steer Binance towards global compliance.

Unlike CZ (Changpeng “CZ” Zhao), the current CEO of Binance, Richard Teng, is not widely recognized by cryptocurrency enthusiasts, and this is likely deliberate.

After assuming leadership in November, Teng has been focusing on changing Binance from an organization primarily guided by its founder (during Changpeng Zhao’s six-year tenure as CEO) to one overseen by a board of directors. Additionally, he has put significant emphasis on ensuring that Binance adheres to various international regulations. This includes expanding the compliance team and obtaining necessary approvals from regulatory bodies worldwide.

As a researcher, it’s not surprising that Teng’s focus lies in compliance, given his background – prior to joining Binance, he served as a regulator in both Singapore and the United Arab Emirates. Having a former regulator leading the crypto exchange now represents a significant departure from its early years, where the platform seemed to navigate around legal boundaries.

In November, Binance consented to a fine totaling $4.3 billion, distributed among multiple U.S. regulatory bodies, to resolve allegations that they lacked proper anti-money laundering (AML) programs and know-your-customer (KYC) measures. This oversight enabled illegal actors and sanctioned entities to exploit their platform. In connection with Binance’s plea bargain, CZ served a four-month prison sentence for breaching the Bank Secrecy Act (BSA), and also agreed to relinquish his position as CEO.

In an interview with CoinDesk this year, Teng stated that Changpeng (CZ) no longer manages the day-to-day operations of Binance. Although there’s no communication between them currently, Teng mentioned that Yi He, CZ’s partner and co-founder, continues to play a vital role in Binance’s leadership team.

Under Changpeng “CZ” Teng’s guidance, Binance’s executive team envisions a long-term, robust future for the cryptocurrency exchange. In an interview with CoinDesk, Teng expressed that their goal is to establish an enduring business that will not only thrive in the coming decades but also maintain success for the next half century or so. This is our aim, he stated.

This profile belongs to our list of the Most Influential Individuals in 2024, compiled by CoinDesk. To view all the nominees for this year, click here.