Richard Teng: The Former Regulator Bringing Stability to Binance

Unlike his predecessor, Changpeng 'CZ' Zhao, Richard Teng, the current CEO of Binance, maintains a relatively low profile among cryptocurrency enthusiasts, which may be a deliberate choice. Since taking over in November, Teng has been instrumental in transforming Binance from a founder-led organization to one governed by a board of directors. He has also prioritized bringing the company into compliance with various global regulations, investing heavily in expanding the compliance team and securing regulatory approvals worldwide. Given his background as a regulator in Singapore and the United Arab Emirates, Teng's emphasis on compliance is not surprising. Having a former regulator at the helm marks a significant shift from the company's early days of skirting regulations. In November, Binance agreed to pay a $4.3 billion fine to U.S. regulators for failing to implement adequate anti-money laundering and know-your-customer programs, allowing criminals and sanctioned entities to use the platform. CZ, the former CEO, spent four months in prison for violating the Bank Secrecy Act and stepped down as part of the plea agreement. In an interview with CoinDesk, Teng stated that CZ is no longer involved in the exchange's operations and that they do not speak, although CZ's partner, Yi He, remains a crucial part of Binance's management team. Under Teng's leadership, the management team has ambitious plans for the company's future, aiming to build a sustainable enterprise that will thrive for decades to come. As Teng told CoinDesk, 'It's really about building a sustainable enterprise that will not only succeed over the next few years but continue to prosper for the next 50 to 100 years.' This profile is part of CoinDesk's Most Influential 2024 package.