Binance’s Richard Teng succeeds Changpeng Zhao as CEO of the world’s largest cryptocurrency exchange. Previously, Zhao Changpeng agreed to resign as part of a U.S. criminal investigation settlement agreement. As a years-long investigation by the U.S. Department of Justice winds down, Teng assumes responsibility for leading the company. He said in a post on "
As regulatory investigations into Binance and Changpeng Zhao intensify in multiple jurisdictions, Teng, a civil servant-turned-crypto industry executive, has emerged as a favorite to take over as CEO. Zhao Changpeng appointed him in late May to be responsible for all regional markets outside the United States.
As digital asset markets recover after a 2022 plunge, Teng will face challenges in maintaining customer confidence in Binance. While Binance remains a key platform for cryptocurrency spot and derivatives trading, its dominance has declined amid a series of regulatory investigations.
Teng is a Singaporean and holds a Master of Applied Finance from the University of Western Australia. He joined Binance in August 2021 as CEO of Singapore.