Binance elevated its regional markets head to CEO after the U.S. Department of Justice investigated Binance and its founder Changpeng “CZ” Zhao quit. Richard Teng was a little-known man who had been tasked with leading the company into its next chapter.

Who is the man in charge of cleaning up the image of the largest crypto company in the world?

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Teng, who was born in Singapore, has more than 30 years of experience in financial services and regulatory work.

Read more: Binance gives rising star Teng a key role to replace CEO Zhao at the largest crypto exchange

He served as a director at the Monetary Authority of Singapore for 13 years, before becoming chief regulatory officer of Singapore Exchange (SGX). Teng was then appointed to the position of Chief Regulatory Officer at the Singapore Exchange (SGX) after serving as a director for 13 years with the Monetary Authority of Singapore (MAS).

He joined Binance as CEO of its Singapore division in 2021, rising quickly through the ranks. Later, he was appointed to oversee global markets outside the U.S. Binance was granted its full license by ADGM under his leadership in November 2022.

Binance was banned by US regulators in March of this year after they claimed that it had operated illegally within the United States. In November, Binance pleaded guilty in the United States to criminal charges for breaking money-transfer laws and sanctions. It agreed to pay $4.3 billion as a fine. Zhao himself admitted guilt, agreed to pay $50m in fines and resign as CEO. Teng’s promotion shocked the crypto community.

Zhao described him as a “highly-qualified leader” and said that he would “navigate the company through its new period of growth”.

Teng’s appointment to CEO represents more than just a change of leadership. It also symbolizes Binance’s move towards a future that is more regulated and complied with. Teng has to guide Binance through the immediate challenges of the U.S. crackdown and establish Binance as a model in regulatory compliance for the crypto industry. It is important to note that no other major crypto company depends less on U.S. actions (or inactions) regarding crypto issues.

Teng, in his blog said that he was honored to take on the role and would be focusing on reassuring Binance’s 150 million users of “the financial strength, safety, and security of the company.”

Teng reiterated Binance’s “here to remain” and said that its foundation is “stronger than before.”