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New Binance CEO Richard Teng Promised A 1:1 Backing for Every User Asset
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New Binance CEO Richard Teng Promised A 1:1 Backing for Every User Asset

In a significant leadership shift on 21 November 2023, Changpeng Zhao (CZ), co-founder of Binance, stepped down as CEO, passing the reins to Richard Teng.

Teng, who joined Binance Singapore as CEO in August 2021, stepped into his new role with a blend of humility and honor, recognizing the visionary groundwork laid by CZ.

In his first blog post as Binance’s CEO, published on 27 November 2023, Teng shared a comprehensive vision for the company. 

He began by acknowledging the responsibility of his new position, emphasizing his commitment to leading Binance while respecting its past achievements. Teng highlighted the trust placed in Binance by its over 160 million users and the significance of innovating to deliver valuable user experiences.

Teng’s leadership perspective is shaped by his extensive background in financial services and regulation, preparing him to guide Binance through the dynamic crypto market. He expressed determination to fulfill stakeholders’ expectations and Binance’s core mission of monetary freedom.

Teng addressed past compliance challenges at Binance, noting the company’s efforts to reinforce its compliance program and culture. This included strategic personnel recruitment to build a more robust compliance framework.

See Also: Former Binance CEO Changpeng Zhao May Get Up To 10 Years Imprisonment

Emphasizing collaboration with policymakers, Teng underscored the importance of contributing to a globally harmonized regulatory framework. This effort, he believes, is crucial for fostering innovation while ensuring consumer protection.

Reassuring Binance users, Teng spoke of the company’s financial strength, debt-free status, modest expenses, and robust revenues despite low transaction fees. 

He reaffirmed Binance’s commitment to user asset security, citing the 1:1 backing for every user asset, continuous improvements to the proof-of-reserves system, and the Secure Asset Fund for Users (SAFU).

Looking towards the future, Teng expressed his deep commitment to blockchain technology and its potential to revolutionize financial inclusion, cross-border remittances, and personal data control. 

His experience at Abu Dhabi Global Market, he noted, has equipped him to foster regulatory innovation in the cryptocurrency space.

Teng concluded by inviting the community to engage with him through various platforms and outlined his eagerness to drive meaningful conversations with global policymakers. 

He emphasized his focus on ensuring investor confidence and educating the next billion users to sustain the long-term viability of cryptocurrencies.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.