Binance, the world’s largest cryptocurrency exchange, has announced a leadership transition. Richard Teng has been named the new CEO, taking over from Changpeng Zhao, who stepped down as part of a settlement with the US Justice Department. Zhao pleaded guilty to anti-money laundering violations and agreed to pay a $50 million fine. Teng, a veteran of the crypto industry in Singapore, joined Binance in 2021 to strengthen the exchange’s compliance work. He has over three decades of financial services and regulatory experience, previously serving as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. Teng’s appointment aims to ensure Binance’s continued operation amidst evolving regulatory challenges. He has expressed his commitment to maintaining the company’s financial strength, safety, and security, while working with regulators and upholding high standards. With the support of the leadership team, Teng aims to guide Binance towards its core mission of promoting the freedom of money.

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Information	Details
Geography	Asia
Countries	🇸🇬 🇺🇸
Sentiment	positive
Relevance Score	1
People	Richard Teng, Changpeng Zhao
Companies	Binance, United States Justice Department, SGX, Monetary Authority of Singapore, Financial Services Regulatory Authority at the Abu Dhabi Global Market
Currencies	None
Securities	None