[NEWS] Binance's new CEO, Teng, announces future direction, focusing on improving user value

Richard Teng, the new CEO of major cryptocurrency exchange Binance, published a blog on the 27th and talked about Binance's future direction.

Binance pleaded guilty to criminal charges in the United States and agreed to pay a $4.3 billion fine, and founder CZ (Changpeng Zhao) resigned as CEO. CZ then appointed Teng as his successor as CEO.

Teng is from Singapore. He became CEO of Binance's Singapore subsidiary two years ago. It was the year Binance was first investigated by the Department of Justice, and Teng seems to have made his presence felt within the company as regulatory scrutiny intensified.

After five months as CEO of the Singapore subsidiary, Teng was promoted to regional head of Europe, Asia, the Middle East and North Africa in April of this year. In May, he was appointed head of global markets, and this month he was appointed CEO of Binance.

CZ said Teng is "a highly qualified leader with over 30 years of experience in financial services and regulation who will lead Binance into its next phase of growth."

Prior to joining Binance, Teng served as Director of Corporate Finance at the Monetary Authority of Singapore (MAS) and Chief Regulatory Officer at SGX (Singapore Exchange). He then served as CEO of ADGM (Abu Dhabi Global Market), an international financial center in the United Arab Emirates, where he worked for six years.

Focus on improving finance, security and safety

In a blog post, Teng said he was honored to become CEO of Binance, saying, "The foundation of this organization is the belief that innovation should bring value to users. We will pursue service excellence while paving the way for financial innovation."

With 30 years of experience in financial services and regulation, Teng understands the unique challenges and opportunities of the cryptocurrency industry. He claims that over the past two years, Binance has made efforts to hire the right talent and strengthen compliance and corporate culture.

Binance has been focusing on protecting its users, and Teng emphasized that "we are prepared to do everything in our power." He continued, "We are confident in the financial strength, security, and safety of the company."

Binance also stated that it always reserves assets at a 1:1 ratio for customer assets, and that customer assets are protected. From the Proof of Reserve system that has been in place for over a year to the Safety Fund for Users (SAFU) emergency fund, Binance is working hard to ensure that customers can use it with peace of mind.

Talking about the future of Web 3.0

Teng also mentioned the future of Web 3.0. "We are working on using blockchain to grow financial inclusion, transfer money across borders, and reduce transaction costs. We will enable individuals to manage their own data and promote innovation through decentralized applications," he said.

To grow Binance, he said that he will responsibly engage with policymakers around the world to ensure that crypto investors have confidence in the future.

Reference: Official statement
Image: Quoted from official statement

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