A deal with the DOJ bars CZ from holding an executive position at Binance. He will be replaced by Richard Teng, an experienced regulatory maestro.
After a tumultuous few days, Binance has announced that Richard Teng, the company’s former Head of Regional Markets, will succeed Changpeng Zhao’s (CZ) position as CEO.
The change comes after Binance’s founder, CZ, agreed to step down as part of a plea deal with the United States Department of Justice (DOJ) over alleged Anti-Money Laundering violations.
As part of the deal, Binance will have to pay $4.3 billion, and CZ will be personally liable to pay $150 million. He will avoid jail time and will retain his majority stake in the company.
So, who is Richard Teng?
Teng is a Singaporean national who served as Binance’s Head of Regional Markets. He initially served as CEO of Binance Singapore, before it winded down operations.
He has a strong background in financial regulation.
His LinkedIn page shows that he spent 13 years at the Monetary Authority of Singapore, then went on to become the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.
Teng also serves as an advisory board member of the Blockchain Association Singapore, and is an international council member at the Global Fintech Institute.
Writing on X, Teng said that his focus will be on “collaborating with regulators to uphold high standards”, as well as driving the growth of Web3 adoption.
Teng’s leadership will be crucial in navigating the exchange’s ongoing case with the US Securities and Exchange Commission (SEC), which is unaffected by the DOJ’s action.
“To ensure a bright future, I intend to use everything I’ve learned over the past three decades of financial services and regulatory experience to guide our remarkable, innovative, and committed team,” he said.
CZ warmly congratulated Teng, writing that his promotion is “well deserved”.
What’s next for CZ?
Announcing his resignation on X, CZ said he has no plans to be a CEO driving a startup again.
“I am content being an one-shot (lucky) entrepreneur,” he said. Instead, he plans to continue with investing in startups in blockchain, DeFi, biotech and AI.
“I am happy that I will finally have more time to spend looking at DeFi,” he tweeted.
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