Binance CEO Teng to Ensure Top Exec Team Remains Intact Amidst Regulatory Scrutinyby Fintech News Singapore November 30, 2023
Richard Teng, the newly appointed CEO of crypto exchange Binance, emphasised the importance of maintaining the existing core team at the cryptocurrency exchange, in a recent interview with Bloomberg TV.
Teng reiterated Binance’s aim to invest heavily in its compliance programmes as well as “intellectual human talent which is very important” to the evolving crypto industry.
He also took the opportunity to say that as one of the largest crypto exchanges, Binance was the first to be put under scrutiny and now that the firm has complied and resolved the issue, the attention will turn to other parties.
This comes amid the company’s ongoing regulatory hurdles as Teng’s recent appointment follows the resignation of Changpeng Zhao (CZ), Binance’s founder and former CEO.
Teng, previously serving as the Global Head of Regional Markets at Binance, is known for his extensive experience in the financial services and regulatory fields.
His prior roles include CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer at the Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore (MAS).
Teng’s appointment is seen as a strategic move to strengthen Binance’s compliance and regulatory frameworks, a critical need in the wake of the legal challenges faced by the company.
CZ had earlier pleaded guilty to criminal charges for anti-money laundering and violations of U.S. sanctions. As a result, Binance has agreed to pay US$3.4 billion to FinCEN and US$968 million to OFAC, representing the largest penalties in the history of these U.S. regulatory bodies. Zhao had to personally pay US$50 million as part of the deal.
The former CEO had also stepped down as Chairman of the Board of Directors at Binance.US. The entity took the opportunity to clarify its independence from Binance.com and that it was not implicated in these wrongdoings.