Richard Teng, Binance's new CEO, shares his inaugural insights in a comprehensive blog post, unveiling his strategic vision for the cryptocurrency giant.
Join us in exploring Teng's roadmap for Binance's journey ahead.
Contents
Richard Teng, the newly appointed CEO of Binance, made his first blog post on the official Binance website on November 27, 2023.
In this inaugural article, he shared his thoughts and vision for the future.
Prior to joining Binance, Teng was known for his role as the Global Head of the Local Markets Division at Binance and has an extensive background in financial regulation, having served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, the Chief Regulatory Officer at Singapore Exchange (SGX), and the Corporate Finance Director at the Monetary Authority of Singapore (MAS).
Leading the Team with a Focus on Binance's Core Mission
In his article, Teng expressed his honor in succeeding Changpeng Zhao (CZ), the founder of Binance, as CEO, stating, "I am honored to take over the CEO role from Changpeng Zhao (CZ) and see my role as respecting the past, learning from it, and leading a talented and dedicated team into the future."
He also emphasized his mission to "relentlessly pursue the core mission of 'freedom of money' at Binance, while exceeding the expectations of all stakeholders."
Leveraging Experience for Stronger Regulatory Responses
A key focus for Teng is to strengthen regulatory responses. He plans to leverage his 30 years of experience in financial services and regulation to understand the unique challenges and opportunities in the cryptocurrency industry and navigate through both the winters and summers of cryptocurrency.
According to Teng, Binance has addressed past compliance issues by hiring the right people over the past two years, making the current Binance team stronger than ever.
He also noted the need for greater collaboration with policymakers across the industry to contribute to the development of a globally harmonized regulatory framework that promotes innovation while protecting consumers.
Commitment to Binance Users
Teng promises to keep users at the heart of all Binance activities.
He described Binance as not only operating the world’s largest crypto exchange by trading volume but also having a debt-free capital structure, modest expenses, and low transaction fees for users, while still generating robust revenues and profits.
He highlighted the security measures in place, such as the Proof of Reserves (PoR) system introduced last November and the Secure Asset Fund for Users (SAFU), ensuring that all user assets are backed on a 1:1 ratio.
The Future of Web3 and Financial Inclusion
Discussing the future of Web3 (decentralized web), Teng mentioned the pursuit of blockchain's potential in expanding financial inclusion, reducing cross-border remittance and transaction costs.
He believes in the opportunities to empower individuals to manage their own data and promote innovation through decentralized applications (DApps).
He emphasized the need to drive regulatory reforms to realize a better web and plans to engage in meaningful dialogues with policymakers worldwide using his regulatory experience.
Teng also mentioned his intention to share his thoughts more through social media platforms like Blog, X, LinkedIn, and at events worldwide, suggesting an increase in community engagement in the future.