Richard Teng is the new CEO of crypto exchange Binance after the previous CEO, Changpeng Zhao, stepped down as part of a settlement deal with the U.S. Department of Justice (DOJ). 

Last week, Zhao pleaded guilty in a Seattle court for violating and causing a financial institution to violate the U.S. Bank Secrecy Act. Aside from stepping down as CEO of Binance, Zhao was fined $50 million. 

Teng was Binance’s Global Head of Regional Markets before assuming his new role. 

In a [blog](https://www.binance.com/en/blog/from-our-ceo/my-first-blog-as-binances-ceo-2887294642016890803) post, Teng said Binance has addressed its compliance issues and noted that the company is “stronger today than we have ever been.”

He also said Binance will take a more collaborative approach with policymakers. Teng said Binance can “contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.”

Teng directly addressed users and emphasized that Binance is the world’s largest cryptocurrency exchange by volume. According to him, customers are protected and Binance maintains a 1:1 backing for user assets. The company also maintains a proof-of-reserves system and a Secure Asset Fund for Users emergency fund. 

As for Binance’s plans, Teng said, “I intend to drive growth and the adoption of Web3, continuing efforts to build an ecosystem that provides access to world-changing financial technologies.”

The DOJ also investigated Binance for alleged money laundering, fraud, and sanctions violations. Binance settled and will pay $4.3 billion in penalties. 

He said Binance is “stronger today”.


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