In a blog post, Richard Teng steps into the role of Binance’s CEO, expressing deep humility and a profound sense of responsibility.
Teng’s ascension to the helm signifies a pivotal moment for the crypto giant, marking a seamless transition from its visionary founder. With over three decades of experience in financial services and regulations, Teng vows to lead Binance into a future teeming with innovation while respecting the company’s past and the trust of its 160 million users.
Central to Binance’s ethos is the relentless pursuit of user-centric innovation. Teng emphasizes this by pledging to continue delivering top-tier products that offer real value. His commitment to steering the company toward excellence and steadfast financial innovation is unwavering.
Addressing Binance’s historical compliance challenges head-on, Teng highlights the strides made over the past two years. Through concerted efforts to reinforce the compliance framework and culture, the company stands stronger today than ever before.
Teng acknowledges the critical need for collaboration with policymakers, underscoring the importance of a unified voice in shaping a global regulatory framework conducive to innovation and consumer protection.
Teng reaffirms Binance’s unwavering focus on its users, ensuring their financial security and peace of mind. He emphasizes the company’s robust fundamentals, including operating the world’s largest cryptocurrency exchange, debt-free capital structure, and stringent asset protection measures.
He mentions, “I am fortunate to be taking on the leadership of a business whose fundamentals are very strong. Not only does Binance continue to operate the world’s largest cryptocurrency exchange by volume but our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits.”
In his commitment to the potential of blockchain technology, Teng envisions a future powered by Web3, striving for increased financial inclusion, reduced transaction costs, and enhanced data control for individuals. His extensive experience in progressive regulatory regimes positions him to navigate Binance through the evolving regulatory landscape.
Looking ahead, Teng pledges open dialogue with global policymakers, a concerted effort to instill confidence in crypto investors, and a commitment to educating the next wave of users.
As Binance charts its responsible growth trajectory, Teng envisions a future where crypto sustainability is paramount, promising continued engagement through various platforms and industry events.