Changpeng Zhao Makes History as Wealthiest US Prisoner with $33B Fortune
Despite his four-month prison sentence, Changpeng Zhao’s $33B personal net worth, which is set to keep growing, makes him the richest US inmate in history.
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Binance's New CEO, Why Is Singaporean Richard Teng Chosen?
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CZ announced his resignation as CEO of Binance on the X platform, with Richard Teng, former Global Head of Markets at Binance, appointed as the new CEO. Prior to joining Binance, Richard served as CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Chief Regulatory Officer of the Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore.
(Source: Richard's Linkedin)
Who is Richard Teng?
Richard Teng, aged 52, is a Singaporean. He attended Nanyang Technological University in Singapore from 1991 to 1994.
To be honest, he looks younger than 52, perhaps due to his regular exercise routine. Of course, he also is a seasoned person.
(Source: Richard's Linkedin)
Richard’s Working Experiences
At MAS (1994-2007)
After graduating from university in 1994, he became a Singapore civil servant and worked at the Monetary Authority of Singapore (MAS) until 2007, rising to become the Director of MAS Corporate Finance.
During his tenure at MAS in Singapore, Richard Teng continued his self-development. He completed his master's degree at the University of Western Australia in 1998 and graduated from the Wharton School in 2004.
At SGX (2007-2015）
In 2007, Richard Teng left the Monetary Authority of Singapore (MAS) to join the Singapore Exchange (SGX), holding positions as Senior Vice President, Head of Issuers Regulation, and Chief Regulatory Officer.
At ADGM (2016-2021)
In March 2015, Richard Teng joined the Abu Dhabi Global Market (ADGM) as its CEO. According to ADGM, under Richard Teng's leadership, the institution gained recognition from global regulatory and industry bodies. For instance, ADGM received the "Best International Financial Centre in the Middle East and North Africa Region" award from the global investment publication "Euromoney" four consecutive times.
At Binance (2021-Present)
Before joining Binance, Richard was actively researching fintech and blockchain and engaging in the Web3 community. It appears that during that time, he had already made the decision to enter the Web3 and crypto industries. He left ADGM in March 2021 and joined Binance in August 2021, serving as the CEO, Singapore of Binance. In November 2023, he officially became CZ's successor.
Richard Teng's Rapid Rise at Binance
Before November 2022, Richard Teng was responsible for the Middle East and North Africa markets for almost 11 months. After November 2022, he rapidly advanced within Binance, moving from overseeing Europe and the Middle East and North Africa markets to handling Asia, Europe, and the Middle East and North Africa markets. His latest appointment on May 29, 2023, puts him in charge of all regional markets outside the United States. Richard Teng achieved all these transitions within six months.
(Source: Richard's Linkedin)
Singapore’s Advantages
Blockchain knows no borders. According to article from PicaPica, Binance's staff hails from 69 different countries or regions, with more than one-third of employees coming from Singapore. This underscores Binance's emphasis on Singaporean talent and those located within the country. With Richard appointed as CEO, it solidifies their affection and confidence in Singapore.
No Doubt About that!
Richard Teng's prestigious background and impressive resume, coupled with global regulatory recognition, undoubtedly qualify him for the CEO role. However, it's also expected that he'll face numerous challenges ahead.
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