Meet Richard Teng: The Man Who Could Succeed CZ at Binance
TL;DR Richard Teng is the head of regional markets at Binance and is rumored to be Changpeng Zhao's successor. Teng has a long history of working in financial regulation, including at the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX). With over 26 years of experience in market regulation, Binance's decision to hire him was likely a no-brainer. Teng is seen as the ideal person to help Binance soothe its strained relationship with regulators.
Binance Head of Regional Markets Richard Teng has had a meteoric rise.
Teng has been tipped as Binance Chief Executive Officer Changpeng Zhao’s successor.
Teng’s rise necessitates a deep dive into his background.
While not yet a household name in crypto, Richard Teng has risen through the ranks at Binance at lightning speed.
Within two years, the crypto exchange has elevated Teng to the newly created role of head of regional markets, excluding the United States. A recent Bloomberg report suggests insiders have tipped the 52-year-old former civil servant to take over as Binance’s Chief Executive Officer.
But before knowing why Changpeng “CZ” Zhao may consider stepping down as Binance’s CEO, knowing about Teng is necessary to understand why he might be the apparent heir to the empire.
Who Is Richard Teng?
Not much is known about Teng’s personal life and upbringing. But his educational and professional background is well documented.
The Binance executive notably graduated first class honors in Accounting from Singapore’s prestigious Nanyang Technological University. He holds a master’s degree (distinction) in Applied Finance from The University of Western Australia.
Following his studies at Nanyang, Teng went on to work in several senior regulatory roles in Singapore and Abu Dhabi.
The Monetary Authority of Singapore
Teng’s earliest employment record is at the Monetary Authority of Singapore, per his LinkedIn. MAS is the central bank and financial regulatory authority of Singapore.
He notably served as Director of Corporate Finance at MAS for 13 years, from 1994 to 2007.
Within this decade and a half, Teng has been involved in transforming Singapore’s financial sector. He also claims to have played a vital role in formulating Singapore’s Securities and Futures Act.
After a long stint at MAS, Teng joined Singapore Exchange (SGX) as chief regulatory officer. At SGX, he led a team that worked closely with MAS to ensure transparency and fairness in Singapore’s stock markets.
Teng’s stint at SGX spanned seven and a half years. In 2015 he stepped out of Singapore, taking a position as the chief executive officer of Abu Dhabi Global Market (ADGM).
In his six-year stint at ADGM, Teng is hailed for bringing the free trade center into the limelight, helping it to clinch awards like “Top IFC in MENA” for four consecutive years, “FinTech Regulator of the Year (MENA)” and “Best IFC (EMEA).”
Under Teng’s leadership, the ADGM’s financial services regulatory arm implemented several key initiatives previously not seen in the region, such as FinTech regulatory sandbox, rules for digital asset exchanges, and digital banking.
With over 26 years under his belt in market regulations, Binance’s decision to hire him was a no-brainer, even as he is now reported to be next in line to take over the reins of the crypto behemoth.
CZ’s Successor?
According to Binance CEO Changpeng “CZ” Zhao, it took only two weeks to decide to hire Teng as Binance Singapore’s CEO. Though hopes of securing a license in Singapore failed to materialize, Teng has continued to rise at Binance. He was appointed head of regional markets in May after serving as head of Asia, Europe, the Middle East, and North Africa.
On Monday, June 5, citing sources familiar with the matter, Bloomberg reported that Teng is favored to take over as CEO of Binance should Zhao decide to yield the position. The discussions come as the crypto exchange continues to face increased scrutiny from regulators, particularly in the U.S., where Zhao is named in a Commodities Futures Trading Commission lawsuit for allegedly violating derivatives laws.
Binance’s leaders believe Teng has the pedigree to soothe the crypto exchange’s strained relationship with regulators.
On the Flipside
Zhao is yet to step down as Binance’s CEO.
Why This Matters
Binance is the world’s largest crypto exchange by volume. Decisions over the crypto exchange’s leadership could have broader implications on the crypto markets.
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