- Binance’s new CEO, Richard Teng, has emphasized a commitment to transparency, outlining plans for a more corporate structure, including a board of directors
- Teng expressed confidence in maintaining Binance’s position as the world’s most-used crypto exchange
- In his inaugural blog post, Teng also discussed overcoming historical challenges and revealed intentions to boost the company’s web3 presence
Binance’s new CEO, Richard Teng, has said that the company is “committed to transparency” as he outlined his plans for the exchange. Teng told Forbes that Binance will take on a more corporate structure and outlook, including creating a board of directors, and says he believes that the company can maintain its position as the world’s most used crypto exchange. In his first blog post, published yesterday, Teng said that the company has “turned the page on Binance’s historical challenges” and also revealed plans to accelerate the company’s web3 presence.
Moving on From “Missteps”
Teng assumed the leadership at Binance last week, succeeding Changpeng Zhao, who stepped down amid legal challenges from US authorities. Teng acknowledged Binance’s past “missteps” to Forbes during its rapid growth but highlighted crucial lessons learned, emphasizing the company’s track record of securing customer funds, noting that the allegations leveled against the company from the same authorities that sought Zhao “do not include accusations that Binance misappropriated customer funds.”
Zhao referred to Teng as a “highly qualified leader… with over three decades of financial services and regulatory experience” when he announced the leadership change, and with good reason: Teng was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, Chief Regulatory Officer of the Singapore Exchange, and Director of Corporate Finance in the Monetary Authority of Singapore.
More Corporate Binance
Perhaps unsurprisingly, Teng sees his appointment as Binance pivoting from an unruly tech startup to a more conventional financial entity, telling Forbes that he will install a board of directors, formalize a corporate address, and increase transparency:
Once you have all those corporate structures in place, I think those financials will be what we’ll be sharing.
Teng added that the company is “starting from a position of strength” as a market leader, adding that he believes that the imminent arrival of institutional money will cause ownership to swell from 5% today to 20% in the years to come, a market that Binance wants to be in the position to capture.
Web3 Also on the Radar
The new CEO echoed these thoughts in his first blog post on the company site, repeating the same vision but adding that he is “deeply committed to the promise of blockchain” and the benefits it can bring, such as “increased financial inclusion, cross-border remittances, and reduced transaction costs.”
This would manifest itself, he added, in a desire to “drive growth and the adoption of Web3, continuing efforts to build an ecosystem that provides access to world-changing financial technologies.”