Richard Teng Named One of CoinDesk’s Most Influential People in 2024: The Ex-Regulator Stabilizing Binance

Richard Teng, the CEO of Binance, has been recognized as one of CoinDesk's Most Influential People in 2024, a testament to his transformative impact on the world’s largest cryptocurrency exchange. Teng’s journey from a regulator in Singapore and the UAE to leading Binance underscores his pivotal role in reshaping the exchange’s operations and reputation.Since taking the helm in November 2023, Teng has spearheaded a compliance-focused overhaul at Binance, steering the company away from its early days of regulatory clashes. This transformation has seen Binance invest heavily in compliance measures, bolster its staff, and secure global regulatory approvals, setting a new industry benchmark. Teng’s leadership marked a departure from Binance’s founder-led structure under Changpeng “CZ” Zhao, transitioning the company to a board-led organization that prioritizes regulatory adherence and sustainable growth.The timing of Teng’s appointment was crucial, coming in the wake of Binance’s $4.3 billion settlement with U.S. regulators for failing to meet anti-money laundering (AML) and know-your-customer (KYC) standards. Teng's efforts have been instrumental in restoring confidence in Binance's operations, focusing on building a resilient enterprise prepared to thrive for decades to come.In an interview with CoinDesk, Teng emphasized his vision for Binance’s future, stating, “It’s really about building a sustainable enterprise that will not only succeed over the next few years but continue to prosper for the next 50 to 100 years.” His strategic direction reflects a commitment to responsible innovation, regulatory compliance, and long-term success.Recognizing Teng as one of 2024’s Most Influential People underscores his significant contribution to Binance and the broader crypto ecosystem, highlighting his leadership as a stabilizing force in a rapidly evolving industry.