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Who is Richard Teng, the new CEO of Binance

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Changpeng Zhao has resigned. Now, the reins of the world's largest bitcoin (BTC) and cryptocurrency trade, Binance, are within the palms of Richard Teng.

He’s a company finance specialist with greater than 30 years of expertise. His skilled efficiency has led him to focus notably on the regulatory areas of the monetary business.

Teng graduated in accounting from Nanyang Technological College, Singapore. She subsequently obtained her grasp's diploma in finance from the College of Western Australia and concluded her formal tutorial coaching with a management program on the College of Pennsylvania, United States.

In accordance with knowledge offered by Teng himself, he held a number of enterprise management positions. For instance, between 2007 and 2015 he directed the Regulation Group of the SGX firm. This works together with the Financial Authority of Singapore. Its process was to formulate insurance policies and regulatory frameworks in all the pieces associated to the areas of securities itemizing, buying and selling and clearing. He additionally participated within the growth of regulatory options for brand spanking new services and products.

Have, moreover, headed the monetary middle Abu Dhabi World Marketwas a member of the advisory board of the Singapore Blockchain Affiliation and served as an advisor to the World Fintech Institute.

Since August 2021, this finance and regulation specialist has been working for the Binance trade. He started his profession on the firm led by Changpeng Zhao as CEO of Singapore operations and moved via varied positions since then. Till just a few hours in the past he served as head of Regional Markets.

Richard Teng: “The muse on which Binance stands is stronger than ever”

Minutes in the past, Teng wrote a assertion on his social community account

Businessman assures that “the inspiration on which Binance stands as we speak is extra strong than ever”. Add:

“To make sure a shiny future, I intend to make use of all the pieces I’ve realized over the previous three many years of economic companies and regulatory expertise to information our extraordinary, revolutionary and dedicated staff.”

Richard Teng, CEO of Binance.

The chief factors out three factors on which your consideration will focus. The primary of those — she says — is to make sure that Binance customers can proceed to belief within the firm's monetary power. The second is to “collaborate with regulators to take care of excessive world requirements that encourage innovation whereas offering vital client protections.” The third level is “work with companions to drive progress and adoption of web3.”

«There are an increasing number of regulatory necessities, and that’s good»

In contrast to what many assume throughout the realm of bitcoin and cryptocurrencies, For Teng, laws are good and obligatory. He has just lately stated that “the pattern is for there to be extra laws, which is nice for the sector.” In accordance with him, many buyers, each particular person and company, must see that cryptocurrencies obtain ample regulation from state entities.

For the model new CEO of Binance, Rules for cryptocurrencies are a necessary requirement if we need to see mass adoption. “This can be a nice alternative,” she says.

Sadly, one of many elements slowing down the worldwide progress of cryptocurrencies is the dearth of authorized standardization. Some regulators outline cryptocurrency as a safety, whereas others outline it as a commodity. Some take into account it a digital fee token, whereas others deal with it as a digital asset. Thus, all these inconsistencies make the operation of a world platform like ours tough, since every area, every jurisdiction wants to know how cryptocurrencies are regulated.

Richard Teng, CEO of Binance

Why did Changpeng Zhao resign from the administration of Binance?

As CriptoNoticias reported a few hours in the past, Changpeng Zhao (also referred to as “CZ”) resigned from his place and pleaded responsible to accusations from the US authorities for alleged violations of anti-money laundering legal guidelines.

The choice was made after a multimillion-dollar settlement between the Binance trade, the USA Division of Justice and different state entities of the North American nation.

In a press release, CZ emphasised the administration capabilities of his successor:

“Richard is a extremely certified chief and, with greater than three many years of economic companies and regulatory expertise, will information the corporate via its subsequent interval of progress. He’ll guarantee Binance delivers on our subsequent part of safety, transparency, compliance and progress.”

Chanpeng Zhao, director of Binance.

Zhao clarifies that, as a shareholder and former CEO with historic information of the corporate (being the founder), he’ll stay accessible to the staff for no matter is important. All this, in his personal phrases, will likely be performed in accordance with the framework established within the resolutions of the US businesses.

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