Binance has just handed over the keys to all its global markets (excluding the US) to Richard Teng. Now, he is the Head of Regional Markets except in the US. Known as a quick climber in the business world, Teng has been with the company for less than two years. His journey up the ladder of this crypto giant is nothing short of compelling.
This is so Binance can evolve with regulators’ expectations of the industry in the years to come.
— Binance (@binance) May 29, 2023
When Teng stepped into Binance’s office in August 2021 as Chief Executive Officer of Singapore, the digital asset sector was in the midst of turbulent times. Yet, he rapidly rose through the ranks, proving his mettle in an industry known for its swift pace and relentless challenges. His most recent promotion, effective Monday, saw him take on even greater responsibility, expanding his leadership from Asia, Europe, the Middle East, and North Africa to all global regions.
Richard Teng thanked Binance’s CEO, senior leaders, and team for their trust, support, and advice in his recent tweet.
— Richard Teng (@_RichardTeng) May 29, 2023
Teng’s Crucial Role Amid Regulatory Hurdles
The promotion comes at a particularly testing time for Binance and its CEO Changpeng “CZ” Zhao, who are grappling with US regulators over compliance concerns. While the company is facing some headwinds in the US, its systems go elsewhere.
Recent initiatives include launching a new platform for Japanese residents following the acquisition of a local crypto firm and securing licenses for a digital exchange in Thailand through a joint venture. In Australia, however, the company’s permit for its derivatives business has been temporarily suspended pending a review.
Chia Hock Lai, Chairman of the Blockchain Association Singapore, believes that Teng’s rich international experience, deep understanding of regulatory affairs, and established global connections will be crucial to Binance in these challenging times.
“Navigating the complexities of the global regulatory landscape requires a leader like Richard,” he said.
A Wealth of Experience
This step up the ladder comes shortly after Teng assumed control of Asia in addition to his role overseeing Europe, the Middle East, and North Africa, a position he accepted just a month prior.
Teng isn’t a newcomer to high-ranking positions. Before joining Binance, he was the CEO of Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange Ltd., and Director of Corporate Finance at the Monetary Authority of Singapore.
Can Teng leverage his international experience to successfully navigate Binance through its current regulatory challenges? Will Teng’s leadership enable Binance to overcome its compliance issues and establish dominance outside of the US? Only time will tell!