Richard Teng, the newly appointed CEO of leading cryptocurrency exchange Binance, laid out his vision and commitments in his first public address since taking the helm. Teng formally succeeded company founder Changpeng “CZ” Zhao shortly after CZ stepped down.
In the open letter posted to Binance’s blog, Teng underscored his core focuses as incoming chief executive:
- Maintaining Binance’s culture of product innovation and customer value
- Collaborating with policymakers on a unified regulatory framework
- Expanding adoption of Web3 and blockchain-based financial services
Upholding Binance Values Teng emphasized upholding Binance’s longstanding pillars of delivering best-in-class crypto products and valuing customers first and foremost. He said his role is to lead the company’s considerable talent into the future while respecting its founding principles.
As a cornerstone, Teng highlighted that innovation should ultimately provide value to platform users. He committed to steering a course of continued product excellence as Binance pushes boundaries in crypto-financial services.
With decades of experience in traditional finance, Teng acknowledged unique regulatory challenges in crypto but embraced collaborating with global policymakers.
The incoming CEO also doubled down on furthering Binance’s mission of increasing financial access and inclusion globally. He spoke of empowering individuals through decentralized technology and driving growth in Web3 services.
Reassurances to Binance Users
Amid his broader strategic outlook, Teng offered firm reassurances to assuage user concerns during the leadership transfer. He told customers to feel confident in Binance’s financial strength, security protections, and integrity.
Teng highlighted Binance’s debt-free balance sheet, robust profitability from modest expenses, and secure 1:1 collateral backing for all user assets. He also underscored Binance’s emergency fund, proof of reserves system, and focus on platform integrity.
By emphasizing business fundamentals, transparency, and security, Teng conveyed his intent to maintain stability and spur responsible growth during his tenure.