Binance's New CEO Is the Opposite of CZ—And That's the Point
Richard Teng became CEO of Binance in November, succeeding Changpeng Zhao. Teng aims to establish his own leadership style, focusing on regulatory compliance and a traditional corporate structure. Under his guidance, Binance has secured licenses in Dubai, Kazakhstan, Thailand, and India, emphasizing compliance amid increasing regulatory scrutiny. The exchange has faced significant challenges, including a ban from Australian bank Westpac and withdrawal from Canada due to new regulations. In November 2023, Binance and Zhao settled a case for $4.3 billion related to anti-money laundering failures. Teng's approach contrasts with Zhao's flamboyant style, promoting a more cautious and diplomatic image for the company. Binance plans to hire more compliance professionals and establish a global headquarters to enhance its regulatory standing.
