Binance names Richard Teng its new Chief Executive after CZ resigns

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Written on Nov 21, 2023

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Changpeng Zhao pleaded guilty to charges of money laundering today.
Richard Teng was so far serving Binance as global head of regional markets.
Binance agreed to pay $4.3 billion in fines to settle with DOJ on Tuesday.

Binance is in focus in after-hours on Tuesday after the world’s largest crypto exchange named Richard Teng its new Chief Executive.

Changpeng Zhao pleaded guilty today

The announcement arrives only hours after its former boss Changpeng Zhao announced resignation following pleading guilty to charges of money laundering. The Department of Justice also recommended the court to force a $50 million fine on him today.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…
— CZ ???? BNB (@cz_binance) November 21, 2023

Richard Teng was so far serving Binance as its global head of regional markets. According to Zhao:

With over three decades of financial services and regulatory experience, he [Richard Teng] will navigate the company through its next period of growth.

Other notable positions he has held in his distinguished career include the director of corporate finance at the Monetary Authority of Singapore and chief executive at Abu Dhabi Global Market.

Teng reveals his priorities as Binance CEO

On Tuesday, Richard Teng laid out three key priorities as he accepted the top role at the crypto exchange.

These include “collaborating with regulators” and “reassuring users” that Binance remain safe, secure, and financially sound. He also plans on “working with partners” in pursuit of growth and accelerate “adoption of Web3”.

Note that Binance itself agreed to pay $4.3 billion in fines to settle with the DOJ on Tuesday.

On top of that, it will fully exit the United States and appoint a monitor who will oversee its sanctions compliance programme for five years. Meanwhile, its records and systems will be accessible for the U.S. Treasury Department.