Binance’s Next Chapter According to New CEO Richard Teng

Binance’s new CEO, Richard Teng, has given an elaborate look into the next steps for the exchange and his vision for growth and innovation today.

A track record of over six years marked by success and continuous growth showcases the CEO’s responsibility in leading a dedicated team, honoring the company’s legacy, and maintaining the trust of the vast user base, which exceeds 160 million people.

Moving Beyond Binance’s ‘Missteps’

According to Teng’s post on Binance’s website, he describes the company as a six-year-old entity, making it relatively young by any standard. In human terms, Teng likens it to a child entering the early school years.

Here is my first blog as #Binance CEO.

I want to take this opportunity to share immediate focus areas, discuss our responsibility to users and my view on the future of our industry.https://t.co/c6QMS6Ulmm

— Richard Teng (@_RichardTeng) November 27, 2023

Teng further notes that Binance is currently in a pivotal stage of its evolution, transitioning from an unruly tech startup into a more conventional financial company. That includes establishing a board of directors, having a physical address, and committing to financial transparency.

He openly acknowledges that Binance made several “missteps” during its hyper-growth phase, during which it rapidly ascended to become the world’s largest cryptocurrency firm within a year. However, Teng asserts that the company has learned valuable lessons from these experiences.

Binance has been facing many criticisms of its prior activities relating to money laundering and sanctions violations by both the firm and Zhao. However, Teng emphasizes that the allegations outlined in the settlement agreement do not include accusations of misappropriating customer funds, further highlighting the exchange’s extensive track record of putting the security of assets on the platform first.

Teng also mentioned that he was confident in his ability to step into Zhao’s shoes owing to his support from the former CEO, having worked with him closely since 2021, the leadership team, and the Binance staff.

Taking Strides in Web3 and Regulation

As Teng takes on his role, he anticipates that the evolving nature of the crypto industry, attracting unprecedented interest from mainstream financial firms, will align with his strengths.

Drawing on his experience advising Singapore’s central bank and contributing to developing a financial center in Abu Dhabi, Teng identifies one of his primary goals as advocating for adopting harmonized global rules for the crypto industry. He aims to address ongoing debates regarding the classification of various digital assets -whether as commodities, securities, or something else reflective of the distinct blockchain technology underlying them.

Teng’s emphasis on steering Binance towards a focus on compliance and regulation aligns with sentiments shared by others in the crypto industry who have been concerned about widespread fraud and deception. However, this shift marks a significant departure from Binance’s historical identity as a stateless and, at times, lawless entity.

Teng notes that once the exchange transitions to a more conventional financial company, Binance will share its financial information. He further acknowledges the necessity of such transparency for auditors and regulatory compliance.