After Mr. Changpeng Zhao, founder of the biggest cryptocurrency trading platform Binance, surrendered to legal strain from the United States and resigned as CEO of the exchange, the man or woman picked to be the leader of Binance many others not is that Richard Teng. So who is Richard Teng? Let’s locate out with Coinlive as a result of the posting beneath.
Who is Richard Teng? Biography of the new CEO of Binance
Who is Richard Teng?
According to the most recent announcement from the world’s biggest cryptocurrency exchange, Mr. Richard Teng has been appointed as CEO of Binance just after Changpeng Zhao officially stepped down. Richard Teng is anticipated to deliver a brighter legal framework to Binance just after the latest scandals that US law enforcement is accusing this exchange.
Richard Teng was born in 1971 in Singapore. He graduated with a bachelor’s degree in accounting from the National University of Singapore in 1993 and subsequently earned a master’s degree in business enterprise administration from the University of Chicago (USA).
Richard Teng has extra than 13 many years of knowledge functioning at the Central Bank of Singapore, holding positions from entry degree to senior degree. Furthermore, he has extra than six many years of knowledge functioning in the Abu Dhabi Free Trade Area (UAE) ahead of officially functioning at Binance in 2021 as CEO of Binance Singapore.
The occupation of Richard Teng
After earning his master’s degree, Richard Teng joined Pricewaterhouse Coopers as an auditor. In 1997, Richard Teng joined the Monetary Authority of Singapore (MAS), Singapore’s central financial institution and money regulator. He has worked right here for 13 many years and has held many essential positions in the organization, which includes: chief money officer, director of industry conduct study and director of asset management.
In 2010, Teng left MAS and joined the Singapore Exchange (SGX), Singapore’s biggest securities and derivatives exchange. Here Richard Teng is accountable for supervising SGX’s listed organizations, members and paying out institutions in compliance with common rules. Furthermore, he also plays an critical function in the improvement and implementation of SGX’s policies and legal framework (which includes: listing guidelines, securities trading guidelines and possibility management process). ro).
In 2015, Richard Teng left SGX to move to Abu Dhabi, the capital of the United Arab Emirates (UAE). Here, Richard Teng serves as the head of the Financial Services Regulatory Authority (FSRA) underneath Abu Dhabi Global Market (ADGM). In addition to establishing the FSRA, Richard Teng also has the function of managing and overseeing ADGM’s operations and money institutions. Thanks to Richard Teng, the legal and regulatory framework for ADGM trading was made based mostly on current laws. ADGM has consequently grow to be a single of the most progressive and ground breaking money regulators in the area and the globe, primarily in the fintech and cryptocurrency sectors.
In August 2021, Richard Teng joined Binance and grew to become CEO of Binance Singapore branch. Richard Teng’s major endeavor right here is to support Binance develop in industry share and build a legal framework that can regulate revenue and comply with host nation laws. Furthermore, Richard Teng is also a essential figure marketing cooperation with MAS and other stakeholders in the cryptocurrency ecosystem.
In November 2021, Richard Teng was appointed Regional Director of Binance, a place made to deal with and oversee Binance’s technique in Asia, Europe, the Middle East and North Africa. By May 2022 he grew to become Binance’s manager in all markets all around the globe except the United States. At that time, there was a great deal speculation that Mr Richard Teng was the “tailor-made” man or woman to grow to be CZ’s successor, due to the fact his substantial legal knowledge would be very practical in assisting the exchange conquer a series of legal difficulties the exchange has encountered globally. .
This grew to become a actuality when Richard Teng was officially appointed CEO of Binance on November 22, 2023, changing founder Changpeng Zhao who had to phase down based mostly on the agreement reached with the US Department of Justice.
Richard Teng stated he is honored to grow to be the head of the world’s biggest cryptocurrency exchange, Binance, with 150 million international consumers. And in his new place, Richard Teng will emphasis on three critical duties, which includes:
– Reaffirming customers’ believe in in the money condition, safety and confidentiality of the exchange
– Cooperate with international authorities to be certain legal compliance and investor safety
– Collaborate with partners to advance the Web3 field.
Previously at the occasion GM Vietnam, Richard Teng’s presence on Fireside Chat also attracted a good deal of consideration from the cryptocurrency neighborhood. And in his speech, Mr. Richard Teng also shared the personalized point of view of him when he was director of all Binance markets outdoors the US (which includes Asia, Europe, Middle East and North Africa).
Richard Teng’s observations are very practical and legal troubles are inevitable, but for him these are industry movements. This is a signal that cryptocurrencies are extra broadly accepted than ever.
“The development of the cryptocurrency market is similar to the birth of cars. When the first car was born, there were no highway laws, traffic lights or even seat belts. Essential laws and guidelines only evolved when cars started hitting the roads, and the same goes for cryptocurrencies.”
Furthermore, Richard Teng hugely appreciates the Vietnamese industry for its dynamism and widespread acceptance of cryptocurrency in the neighborhood. Not only from a consumer point of view but also from an investment point of view, Binance has incubated numerous tasks in Vietnam, consequently exhibiting the degree of adaptability and dynamism that the Vietnamese industry has in direction of cryptocurrency chemistry.
Background Richard Teng took above as CEO of Binance
According to sources from Forbes and Wall Street Journal (WSJ), in accordance to The operation is really worth four.three billion bucks among the US Department of Justice (DOJ) and former Binance CEO Changpeng Zhao, CZ will have to resign as CEO of Binance and also plead guilty to expenses connected to violating anti-income laundering specifications in federal court in Seattle.
Specifically, the US Department of Justice indictment obviously states 3 crimes of which this unit accuses Binance: violation of US money embargo rules, violation of the Bank Secrecy Act and trade rules, law enforcement federal and worldwide expenses and conspiracy to perform and operate unregistered income transmitting corporations.
Furthermore, CZ will be barred from participating in the management of Binance for three many years and will have to pay out a fine of $50 million. Furthermore, inside the up coming five many years, Binance and Richard Teng will have to operate and function underneath the supervision of a designated unit. Not only that, the US Treasury Department will have complete authority to accessibility and examine Binance information. Therefore, Richard Teng’s challenge in his new place is to maintain Binance’s operations legal and compliant with rules set by the US Treasury Department for at least the up coming five many years.
summary
Above is insight into Richard Teng’s occupation and problems as the new leader of Binance, the world’s biggest cryptocurrency exchange. Through the posting, we hope that Coinlive has offered readers the most common point of view on Richard Teng in his new place as CEO of Binance.