In a major leadership change on 21 November 2023, Changpeng Zhao (CZ), co-founder of Binance, stepped down as CEO and handed over to Richard Teng.
Teng's respect for Binance's past
Teng, who joined Binance Singapore as CEO in August 2021, stepped into his new role with a mix of humility and honour, acknowledging the visionary foundation CZ had laid. Moreover, in his first blog post as CEO of Binance, published on 27 November 2023, he shared a comprehensive vision for the company.
He began by acknowledging the responsibility of his new position and emphasised his commitment to lead Binance while respecting its past achievements. Teng emphasised the trust placed in Binance by its more than 160 million users and the importance of innovation to deliver valuable user experiences.
Binance's goal to be compliant
Teng's leadership perspective is shaped by his extensive background in financial services and regulation, preparing him to lead Binance through the dynamic crypto market. He expressed his determination to meet stakeholder expectations and Binance's core mission of monetary freedom.
Teng also addressed past compliance challenges at Binance, noting that the company has made efforts to strengthen its compliance programme and culture, including strategic recruitment to build a more robust compliance framework.
Teng stressed collaboration with policymakers and underlined the importance of contributing to a globally harmonised regulatory framework. This effort, he said, is crucial for promoting innovation and ensuring consumer protection.
Reassuring Binance users, Teng spoke of the company's financial strength, debt-free status, modest expenses and robust revenues, despite low transaction costs.
He affirmed Binance's commitment to the security of user assets, referring to the 1:1 support for each user asset, continuous improvements to the proof-of-reserves system and the Secure Asset Fund for Users (SAFU).
The future of Binance and the entire industry
Looking to the future, Teng expressed his deep commitment to blockchain technology and its potential to revolutionise financial inclusion, cross-border money transfers and personal data control.
His experience at the Abu Dhabi Global Market, he noted, has enabled him to promote innovation in cryptocurrency regulation.
Teng closed by inviting the community to engage with him through various platforms and outlined his enthusiasm to have meaningful conversations with global policymakers.
He emphasised his focus on ensuring investor confidence and educating the next billion users to maintain the long-term viability of cryptocurrencies.