Richard Teng: The New Face of Binance

From Singapore regulator to leading the world’s largest crypto exchange

Quick Summary: When CZ stepped down in November 2023, Binance chose Richard Teng—a career regulator with 30+ years in traditional finance. This wasn’t damage control. It was a strategic pivot toward institutional credibility and regulatory maturity.

In this article:

• Who is Richard Teng?
• Professional Background
• The Transition to Binance
• What’s Changed Under Teng
• What This Means for Users
• CZ vs Teng: Leadership Styles
• What’s Next?

Part of the CZ Series: For CZ’s full story, see The Architect Has Left the Building. For legal details, see The $4.3 Billion Reckoning.

Who is Richard Teng?

When Changpeng Zhao stepped down as Binance CEO in November 2023, the company didn’t promote from within or hire a crypto native. Instead, they chose Richard Teng—a career regulator with 30+ years in traditional finance.

This wasn’t damage control. It was strategy.

Professional Background

Monetary Authority of Singapore (MAS)

• Role: Director of Corporate Finance
• Focus: Securities regulation, financial institutions oversight
• Relevance: MAS is one of the world’s most respected financial regulators

Singapore Exchange (SGX)

• Role: Chief Regulatory Officer
• Responsibilities: Market surveillance, enforcement, regulatory compliance
• Duration: Extended tenure

Abu Dhabi Global Market (ADGM)

• Role: CEO, Financial Services Regulatory Authority
• Achievement: Built ADGM into a global fintech hub
• Recognition: Praised as one of the world’s “foremost innovative regulators”
• Innovation: Pioneered crypto-friendly yet compliant regulatory frameworks

Education

• Master’s in Applied Finance — University of Western Australia

The Transition to Binance

Timeline

• August 2021: Joins Binance as regional head for Singapore
• 2022-2023: Expands to head Asia, Europe, MENA regions
• November 3, 2023: Becomes CEO (effective date)
• November 21, 2023: Public announcement alongside CZ’s resignation

Why Teng?

Binance needed someone who could:

1. Speak regulator-to-regulator — credibility with financial authorities
2. Implement compliance systems — from scratch
3. Rebuild institutional trust — after the DOJ settlement
4. Maintain stability — during leadership crisis

Teng checked every box. His background was essentially the “missing piece” needed to address the failures outlined in the $4.3 Billion Settlement.

What’s Changed Under Teng

Compliance Transformation

Strategic Shift

Before Teng (CZ era):

• “Move fast, break things”
• Global-first, compliance-later
• Regulatory arbitrage as strategy

After Teng:

• “Regulatory maturity”
• Compliance as competitive advantage
• Proactive regulator engagement

Teng’s Own Words

From April 2024:

“In those very early stages of development, Binance was operating in a certain fashion. But we have moved past that as the company moves into greater maturity. We are looking at sustainability; the direction of travel is very clear towards much more compliance.”

What This Means for Users

The Positives

1. Institutional credibility — Teng opens doors CZ couldn’t
2. Regulatory clarity — 21 licenses reduce uncertainty
3. Longevity focus — Sustainability over hypergrowth
4. U.S. resolution — DOJ settlement removes overhang

The Tradeoffs

1. Stricter KYC — More verification requirements
2. U.S. exit — Binance.com no longer serves U.S. users
3. Conservative approach — Slower product launches
4. Less founder energy — Different corporate culture

CZ vs Teng: Leadership Styles

Is Binance Safe Under Teng?

From a regulatory perspective, safer than before:

• Independent monitors watching operations
• Compliance team nearly doubled
• Regulatory licenses secured
• Institutional processes in place

The tradeoff: less of the startup energy that built Binance.

What’s Next?

Teng’s priorities for 2024-2025:

1. Complete compliance transformation
2. Secure additional regulatory licenses
3. Navigate remaining SEC litigation
4. Build institutional partnerships
5. Expand in compliant markets (EU, Asia, Middle East)

Key Takeaways

1. Richard Teng succeeded CZ as Binance CEO in November 2023
2. 30+ years of regulatory experience — MAS Singapore, SGX, Abu Dhabi Global Market
3. Compliance team grew 34% from 450 to 645 employees
4. 21 regulatory licenses secured (up from ~10)
5. Strategic shift from hypergrowth to institutional credibility
6. Focus areas for 2025 — SEC litigation, compliance maturity, institutional partnerships

Related Reading

CZ & Binance Series:

• 🏗️ The Architect Has Left the Building — CZ’s full story
• 📜 The $4.3 Billion Reckoning — Settlement details

Practical Guides:

• 🥩 Staking BNB — Earn rewards
• 🌉 Bridge to BNB Chain — Move assets from other chains

Last updated: December 2024