New Binance CEO highlights need for development of global crypto regulations

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Binance CEO Richard Teng | The platform X/_RichardTeng

By Crypto Republique

Nov 28, 2023

Richard Teng, the new CEO of Binance, the largest cryptocurrency exchange in the world, published his first blog post on the company’s website since stepping into his new role. In the Nov. 27 post, Teng emphasized the importance of developing global regulations for the crypto industry. This move comes as part of his commitment to ensuring consumer protection and promoting innovation in the crypto space.

Teng said in the post that it is vital for the crypto industry to prioritize collaboration with policymakers in order to develop a "globally harmonized regulatory framework" for the industry that provides consumer protections while fostering innovation. "I am eager to work with my peers across the industry on this critical effort and know that our voice will be heard more loudly when we’re united," Teng said.

Teng highlighted his background in the financial and regulatory industries and said his experience has positioned him to understand the challenges and opportunities facing the crypto industry, according to the post.

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Before joining Binance in Aug. 2021, Teng was CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of Singapore Exchange (SGX), and director of corporate finance at Monetary Authority of Singapore, according to Binance’s website.

In an interview in June, Teng pointed to jurisdictions such as France that have moved forward with digital asset regulations, resulting in an inflow of crypto business. "If you look at what Paris is doing, it's very conducive for businesses. Not only ourselves, a number of crypto players are trying to use Paris as their base for expansion within Europe," Teng said.

Teng succeeded Binance’s former CEO on Nov. 21 after the company reached a settlement with U.S. Department of Justice over historical compliance issues, according to a press release. As part of the resolution, Binance agreed to pay $4.3 billion in penalties and will allow a third-party monitor to have access to its transactions and accounts.