Share this article
After CZ Quits as Binance CEO, Richard Teng Looks Like the Heir Apparent
One-time Abu Dhabi regulator Teng was appointed to oversee Binance's regional markets outside the U.S. back in June of this year.
Updated Mar 8, 2024, 5:27 p.m. Published Nov 21, 2023, 7:58 p.m.
Make us preferred on Google
Editor's note: Less than an hour after this story was published, Richard Teng posted on X that he was now Binance's CEO.
News that Binance CEO Changpeng "CZ" Zhao is stepping down after pleading guilty to U.S. criminal charges puts the spotlight firmly on rising star Richard Teng, who was promoted to the top ranks at the exchange earlier this year and who is viewed as the heir apparent at the world's largest crypto exchange.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Teng, a one-time Abu Dhabi regulator, was appointed to oversee Binance's regional markets outside the U.S. in June of this year. At that time, he gave an interview to CoinDesk, pointing out that he wanted to show that Binance could be "a new organization."
Binance representatives did not respond to requests for confirmation that Teng would be taking over as CEO of the exchange.
Teng's strength is regulation and compliance, an area that has been a primary focus for Binance for the last couple of years. Before heading up the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), he was chief regulatory officer of the Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore (MAS).
The need for someone with Teng's expertise at Binance has become even more apparent as regulatory scrutiny has intensified this year, leading to Tuesday's explosive news that the U.S. charged the exchange with breaking sanctions and money-transmitting laws and agreed to pay $4.3 billion to settle the allegations.
It's worth noting that CZ himself said the firm had a succession plan when he hired Teng in August 2021. Teng initially joined Binance as CEO of the Singapore business and quickly rose through the ranks during a turbulent period in the digital assets sector.
Asked back in June if he was being groomed to take the helm, Teng said: "To speculate on such things would be premature."
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Why crypto’s new token issuances are falling flat and what comes next
New crypto tokens overwhelmingly lost value in 2025 as early liquidity, weak utility and misaligned distribution collided with a risk-averse market.
What to know:
- About 85% of tokens launched in 2025 are trading below their initial valuations, with the median token down more than 70%, according to Memento Research.
- Broad exchange-led distribution and airdrops flooded the market with short-term traders, creating persistent selling pressure and weak alignment with product usage.
- Regulatory uncertainty and thin token utility left many new assets without a clear long-term value proposition in a market dominated by bitcoin outperformance.
Top Stories
