Binance’s New CEO Teng Commits to More Regulatory Collaboration – Is This a New Chapter for Binance?

cryptonews.com:

Following his appointment as the new CEO of the world’s largest crypto asset exchange on November 22, Richard Teng has outlined his vision for the platform going forward.

In his first-ever blog post, Teng revealed that the Binance exchange would be focused on contributing to the development of a globally harmonized regulatory framework. This framework will foster innovation within the Web3 ecosystem while directly protecting consumer interests.

Here is my first blog as #Binance CEO.

I want to take this opportunity to share immediate focus areas, discuss our responsibility to users and my view on the future of our industry.https://t.co/c6QMS6Ulmm

— Richard Teng (@_RichardTeng) November 27, 2023

Teng, who formerly served as Binance’s Global Head of Regional Markets, stated that the exchange is now entering an era of “responsible growth” where it would focus on engaging in meaningful discourse with global policymakers.

According to him, this would serve as a form of social contract between the exchange and its 160 million customers, demonstrating a serious commitment to creating a secure environment for digital asset trading.

Before joining Binance, Teng spent 13 years with the Monetary Authority of Singapore (MAS). He also held roles as the Chief Regulatory Officer of the SGX platform and later as the CEO of the Financial Services Regulatory Authority (FSRA) with the Abu Dhabi Global Market.

Teng’s comments come amidst regulatory challenges faced by the Binance exchange in recent months.

Following a multi-year investigation by the US Department of Justice (DoJ), the Commodity Futures Trading Commission (CFTC), and two other US agencies, Binance was found guilty of money laundering, sanctions violations, and various financial