While Changpeng Zhao, founder of Binance, is facing criminal charges of money laundering in the United States, Richard Teng is now taking on the position of chief executive officer of the cryptocurrency exchange.

Richard Teng was the head of regional markets at Binance. He has held various management positions at Binance for over two years, including spending 13 years at the Singapore financial market regulator. He also held the position of regulatory director at the Singapore Stock Exchange. Teng's priorities as CEO include ensuring financial strength, security, and working with regulators to enforce global standards and consumer protection.

noted that Zhao expressed confidence in Teng's appointment in his qualifications and extensive experience in financial services and regulation.