He became the CEO of Binance in 2 years and 4 months. What is Richard Teng’s background?
Written by: Wandering Squirrel
The dust has settled, November 22,Binance创始人赵长鹏宣布辞去CEO一职，“我犯了错误，我必须承担责任”，与此同时，Richard Teng 将接棒出任币安CEO。
This is not surprising.
In June this year, Bloomberg published an article titled "Binance's Regulatory Dilemma Paves the Way for CZ's Successor", predicting that if CZ resigns due to regulatory difficulties, Richard Teng will likely become the next Binance CEO.
The market often takes a step ahead, as early as 1 a.m. on November 22,Before the U.S. Department of Justice officially announced the news, a MEME named Richard Teng appeared on Uniswap.Token.
For most people, the name Richard Teng is quite unfamiliar. In fact, he is not a Binance veteran.LinkedinPersonal data onRichard Teng joined Binance in 2021, and it has only been 2 years and 4 months since then, and he has experienced 5 consecutive jumps.
Richard Teng initially served as the CEO of Binance's Singapore subsidiary, and was then promoted to Head of Binance's Middle East and North Africa in December 2021. In November 2022, he was appointed to oversee European affairs (Head of Europe, Middle East and North Africa). In April 2023, he was appointed to oversee Asian affairs (Head of Asia, Europe, Middle East and North Africa), and in May 2023, he was responsible for markets in all regions outside the United States.
One of the important time nodes is November 2022, after which Teng's position has been rapidly promoted.
November 2022 is when FTX went bankrupt.cryptocurrencyThe industry has had a huge impact, not only causing losses to investors, but also alerting key institutions in various countries, causing them to re-examine the encryption industry and tend to regulate the encryption industry more strictly.
After the collapse of FTX, the world's largest centralizedexchange, Binance has to face the greatest regulatory pressure.
So, since then, we have been seeing news about various regulatory agencies and Binance being superimposed on each other.
In February 2023, the BUSD issuer stated that it would stop minting and issuing BUSD at the request of the New York Department of Financial Services (NYDFS), a regulator in the United States.
In March, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had filed a civil lawsuit in the U.S. District Court for the Northern District of Illinois, accusing Zhao Changpeng and three entities of multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations.
In April, officials from Dubai’s Virtual Asset Regulatory Authority (VARA) asked Binance to provide more information on its ownership structure, governance and audit procedures.
In May, Binance announced that due to changes in regulatory policies, it would proactively withdraw from the Canadian market and no longer provide services to Canadian users.
In June, the U.S. SEC sued Binance and Zhao Changpeng, filing 13 charges, including operating an unregisteredexchange, broker-dealers and clearing organizations.
…
In this tough regulatory environment, Richard Teng was promoted quickly because he was good at dealing with regulators in various countries.
Looking through Richard Teng’s previous resume, he has a background as a Chinese Singaporean, Wharton School, and a career at the Monetary Authority of Singapore, working at the Abu Dhabi International Market… Teng has all the bright labels on his resume.
Richard Teng studied for his undergraduate degree at Nanyang Polytechnic in Singapore from 1991 to 1994. After graduating from university in 1994, he joined the Monetary Authority of Singapore (MAS) and stayed there for 13 years until 2007. During his tenure, he took the lead in formulating and administering the Securities and Futures Act, and also managed Singapore's acquisition and merger regulations and supervised Singapore's acquisition and merger transactions.
While working at MAS in Singapore, Richard Teng also studied at two universities overseas, namely the University of Western Australia and the world-renowned business school, the Wharton School of the University of Pennsylvania.
In 2007, Richard Teng left MAS and joined the Singapore Exchange (SGX), where he stayed for 7 years and 6 months.Xiaobai NavigationLu Gaosheng, as Chief Compliance Officer, works closely with Singapore’s MAS to maintain a fair, orderly and transparent market.
In March 2015, Richard Teng joined Abu Dhabi Global Market (ADGM) and served as CEO for 6 years, during which time ADGM was named "the best international financial company in the Middle East and North Africa" for four consecutive times.
Later, he joined Binance in 2021. Overall, Richard Teng's resume is very impressive, especially because he has more than 20 years of experience in government-related agencies and is a maker and executor of regulatory laws. This experience may help Binance overcome the challenges it faces in terms of regulation.
In a Twitter Space post, CZ mentioned that Richard Teng was introduced by an employee of the Singapore Central Bank, and he decided to officially take the position two weeks after talking to Richard Teng.
Binance co-founder He Yi also recognized Richard Teng in an interview before, "I think he is an experienced professional manager. Since he joined Binance, his scope has been continuously expanding. We all like and recognize Richard."
Richard Teng reminds me of another senior executive of a large company, TikTok CEO Zhou Shouzi, who is also Singaporean, graduated from a prestigious university and has a financial background. TikTok is also facing regulatory pressure from the United States and other countries. Compared with a Chinese, a Singaporean is more suitable to deal with it, and it will also help to better manage a national team.
After taking over as Binance CEO, Richard Teng posted on social media that his future work focus will be:
1) Allow users to understand the company’s financial strength andSafetySexuality maintains confidence;
2) working with regulators to maintain high standards of compliance around the world, promoting innovation while providing important consumer protections;
3) Work with partners to promote the development and adoption of Web3.
Let’s wait and see what the new Binance will look like under the leadership of Richard Teng.
The article comes from the Internet:He became the CEO of Binance in 2 years and 4 months. What is Richard Teng’s background?
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