Ex-ADGM executive Richard Teng takes over as crypto trading firm Binance’s new CEO

Ex-ADGM executive Richard Teng takes over as crypto trading firm Binance’s new CEO

Teng, a civil servant-turned-crypto executive, had become the frontrunner to take over as CEO as regulatory scrutiny of Binance and Zhao intensified across a number of key jurisdictions. Zhao in late May appointed him as head of all regional markets outside the US.



Teng - who holds a Master's degree in applied finance from the University of Western Australia - had held senior positions with Singapore's central bank, the Singapore stock exchange and Abu Dhabi's international free trade zone. He joined Binance in August 2021 as Singapore CEO.



Teng takes on the challenge of retaining customer confidence in Binance as digital-asset markets recover from a damaging 2022 rout that contributed to the blowup of rivals such Sam Bankman-Fried's FTX. While Binance remains the linchpin platform for crypto spot and derivatives trading, its dominance has declined amid a web of regulatory probes.