The announcement set crypto Twitter on fire. CZ removed the description "ex-@binance" from his bio. Prediction markets are pricing in a presidential pardon. My X timeline is abuzz with speculation about the founder's imminent return. Everyone has a different opinion on whether Changpeng Zhao can return to the throne of the world's largest cryptocurrency exchange. Yet, while the internet obsessed over Changpeng Zhao's digital footprint, one man quietly steered Binance, guiding the company through the most perilous period in its history. We noticed. Now is the time to tell his story. Richard Teng quietly transformed Binance from a compliance nightmare into one of the most regulated cryptocurrency exchanges. He took over at the company's darkest hour, facing a $4.3 billion fine, regulatory wrath, and existential questions. Eighteen months later, Binance has more users, licenses, and institutional partners than ever before. The 52-year-old former regulator insists he's focused on the future, not the past. But his situation is more precarious than it appears. His choice to legitimize Binance may have come at the expense of its original revolutionary nature. Richard Teng's cryptocurrency journey began in the most traditional of places: a Singaporean government office. After graduating from Nanyang Technological University in 1994 with a first-class honors degree in accounting, he spent 13 years as a regulator at the Monetary Authority of Singapore (MAS). Teng came from humble beginnings. His mother worked in a nursing home, and details about his father are scarce in public records. Government work offered him the security and prestige his family background lacked. At MAS, Teng learned the mechanics of financial regulation. He helped shape Singapore's transformation into a global financial center, establishing the rules banks must follow. He investigated companies that broke the rules. Teng believed that smart regulations could foster innovation, not stifle it. His big break came in 2015, when he moved to Abu Dhabi to head the Financial Services Regulatory Authority at the Abu Dhabi Global Market (ADGM). It was there in 2017 that he was introduced to cryptocurrency and made a career-defining decision. Rather than ban digital assets, he sought to regulate them appropriately. ADGM became one of the first financial centers to enact comprehensive cryptocurrency regulations. This framework attracted dozens of cryptocurrency companies and established Teng's reputation as a progressive regulator. But it also marked his transition from rule-maker to rule-breaker. By 2021, Teng had crossed the line, joining Binance as CEO of its Singapore operations. Here was a man with decades of experience in financial regulation working for an exchange that seemed to completely disregard the rules. When CZ appointed Teng to lead Binance Singapore in 2021, it seemed like a strategic hire. The exchange was facing global regulatory pressure, and Teng's credentials helped smooth relations with authorities. But Teng's rise within Binance was faster than anyone expected. Within two years, he rose from head of operations in a single country to overseeing regional markets across Asia, Europe, and the Middle East. By the end of 2023, he was widely considered a potential successor to CZ. Still, few anticipated the abrupt transition. On November 21, 2023, CZ announced his resignation as part of a plea agreement with US authorities. Teng was immediately appointed CEO, inheriting a company in crisis. Binance faced the largest fine in history from the US Treasury. Regulators in multiple countries were investigating or potentially banning the exchange. Users were withdrawing funds en masse, raising concerns about the platform's stability. Teng had to act quickly. A Compliance Revolution (or Compromise?) Teng's first priority was clear: repair Binance's relationship with regulators. Under CZ's leadership, the exchange operated with little oversight, with compliance often sidelined. Teng completely overturned that status quo. He hired hundreds of compliance officers, established the company's first formal board of directors, and invested "hundreds of millions of dollars" in risk management systems. He began working with regulators rather than fighting them. The results were impressive. Binance now holds regulatory licenses in 21 jurisdictions, more than any other cryptocurrency exchange. Institutions that once shunned the platform are now eager to work with it. Critics, however, argue that Teng has overcorrected. In his rush to appease regulators, they claim, he has stripped Binance of much of its innovation and competitiveness. Exchanges now take months to list new tokens, compared to the rapid rollouts of the CZ era. Compliance processes are so stringent that some projects are choosing to launch on other platforms. Startups that once moved fast and broke things are now moving slowly and following the rules. Teng refutes this characterization, arguing that compliance is essential for mainstream adoption. His exact words were: "We paid a heavy price for this, and we hope other players in the space can learn from our mistakes," ... "The industry as a whole can work better together to keep bad actors out." Perhaps Teng's biggest challenge isn't regulatory pressure or user complaints, but the shadow cast by his predecessor. CZ remains Binance's largest shareholder and could theoretically return to an operational role if his legal issues are resolved. This creates an awkward dynamic. Teng is technically the CEO, but everyone knows he's employed by someone who's no longer even officially involved in the company. Major strategic decisions still require CZ's approval, even if they're not his to make. The situation became more complicated in early 2025, when CZ removed the description of "former Binance CEO" from his social media profiles. Teng insisted he was not worried about being replaced. But his position is inherently precarious. If CZ does return, what role will the man who kept Binance afloat during his absence play? Despite the internal machinations, Teng has carved out a niche as CEO. His signature theme is financial inclusion—using cryptocurrency to serve the billions of people locked out of traditional banks. He often refers to remittances as cryptocurrency's "killer app." Traditional cross-border remittance services charge fees of 10% or more. With cryptocurrency, these transfers can be completed almost instantly and at minimal costs. "Over the past few years, especially with high inflation in many countries, they've been much better off by holding stablecoins," Teng explained. As of mid-2025, Binance Pay, Binance's payment service, had processed over $230 billion in transactions across more than 300 million transactions. Teng estimates that this has saved users over $1.75 billion compared to traditional remittance services. This focus on utility over speculative trading represents a shift from the CZ era. While his predecessor catered to day traders and yield farmers, Teng is targeting the world's poor and unbanked. It's a noble mission, but one that also raises questions about priorities. Should the world's largest cryptocurrency exchange focus on serving the sophisticated traders who generate the majority of its revenue, or provide basic financial services to those who may never trade? Teng's biggest bet is on institutional adoption. Under his leadership, Binance has actively sought support from hedge funds, family offices, and traditional financial institutions. However, this institutional investment model comes with trade-offs. Professional investors expect the same level of service and protection as traditional financial institutions. They want independent custody, insurance coverage, and regulatory compliance. All of these services are costly and complex. Teng believes that institutional adoption will benefit everyone by bringing legitimacy and stability to the crypto market. But whether this trade-off is worth it remains to be seen. Operating the world's largest cryptocurrency exchange means becoming a prime target for hackers. In January 2025, competitor Bybit lost $1.5 billion to a sophisticated attacker, serving as a fresh reminder of the risks facing cryptocurrency platforms. Teng has made security a cornerstone of his leadership and has invested "hundreds of millions of dollars" in defensive systems. Binance maintains a $1 billion insurance fund and regularly publishes "proof of reserves" reports. But some security experts question whether these measures are sufficient. The insurance fund, while substantial, only covers a small fraction of Binance user deposits. Proof of Reserve reporting, while transparent, doesn't prevent insider crimes or sophisticated attacks. Teng has struggled to find a balance when it comes to listing tokens. Binance's decisions about which tokens to support can skyrocket the value of some projects by billions of dollars overnight, putting immense pressure on the exchange. The situation has worsened with the explosive growth of memecoins and speculative tokens. Millions of new tokens are launched each month, most with no real use or long-term prospects. Users want access to the latest trends, while regulators want to protect consumers. Teng has attempted to address this issue through community voting and more rigorous research. But this approach has created new problems. The listing process has become so lengthy and expensive that even legitimate projects struggle to gain access to the platform. Some industry observers have noted that some large, well-funded projects have spent more than a year on Binance's due diligence process, only to receive listing invitations that require them to relinquish significant portions of their token supply. These equity-like requirements can cost projects tens of millions of dollars simply to gain access to the exchange. But Teng's team argues that the strict requirements are necessary to protect users from projects that might disappear after a potential token dump. This tension reflects a deeper challenge: how to protect retail investors from scams while providing reasonable market access for legitimate projects? The Road Ahead (and the Shadow Behind) As Teng approaches his second year as CEO, his record is mixed. He has undoubtedly stabilized Binance and restored its relationship with regulators. User growth continues, and the exchange maintains its market dominance. The crypto industry values bold leadership and risk-taking, traits that regulatory compliance often stifles. Teng's cautious approach may be effective for now, but it may not be sustainable in a rapidly changing industry. The CZ factor adds another layer of uncertainty. If the founder does return, will Teng continue in a subordinate role? Will he be completely sidelined? Or will he finally have the opportunity to build his own legacy without the shadow of others? Teng faces a crucial question about Binance's identity. Is it a crypto-native platform that happens to comply with regulations, or a traditional financial institution that happens to trade digital assets?
His answer to this question will determine not only his own fate, but also the future of the world's most important cryptocurrency exchange.
This is the story of Richard Teng. See you in the next article.
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