Binance CEO unexpectedly arrives in Vietnam

Richard Teng is the next leader of the cryptocurrency exchange working in Vietnam, after CZ's appearance in 2022.

Mr. Richard Teng works at the Lao Dong Newspaper building, Ho Chi Minh City on the morning of July 15.

On the morning of July 15, the CEO of the world's largest cryptocurrency exchange unexpectedly appeared in Ho Chi Minh City to attend an event on the legal corridor for domestic crypto assets. Mr. Richard Teng, 55 years old, will become the top leader of the trading platform worth hundreds of billions of dollars in November 2023. This Singaporean man takes over the position from Changpeng Zhao (CZ), the founder of the company.

Before Vietnam, Mr. Teng recently visited Taiwan to attend a seminar on digital assets and national regulations.

In June 2022, during the period of strong development of cryptocurrencies, CZ also visited Vietnam. This man met with authorities to find ways to support the crypto trading market. He attended a major event about cryptocurrencies and met many fans.

Mr. Changpeng Zhao drinks egg coffee in Hanoi in 2022. Photo: Viet Linh.

With over three decades of experience in the financial and regulatory services industry, Teng is considered one of the visionary leaders in the blockchain industry. Prior to joining Binance in August 2021, he served as CEO of the Financial Services Authority at Abu Dhabi Global Market (ADGM) for six years. Teng also held the position of Chief Regulatory Officer at the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore.

The CEO transformed Binance from a founder-led organization to a board-led company. After the CZ era, Binance significantly increased its spending on regulatory compliance to stay in line with global regulations.

CoinDesk names Richard Teng one of its “Most Influential People of 2024.”

However, Teng's management style also made some people unhappy, including the former CEO of Binance. CZ spoke out about many substandard coin projects being listed on Binance.

In fact, the exchange’s Launchpad programs are no longer as valuable as they used to be. Projects listed here are still likely to decline after listing, not guaranteed to increase in price as before. The platform’s “Vote to List” and “Vote to Delist” voting initiatives have yet to show immediate results.

In addition to its grey area trading activities, Binance also has many investments in Vietnam. In 2022, they invested in Coin98 (now NinetyEight) with its core product being a multi-chain wallet. Binance also made a strategic investment in SkyMavis after the company fell victim to a $600 million hack, helping to resolve cash flow and compensate users.

Recently, Ben Zhou, CEO of Bybit, also had a working session with the Ministry of Finance on the sandbox mechanism for domestic digital asset transactions.

Source: https://znews.vn/ceo-binance-bat-ngo-toi-viet-nam-post1568669.html