Singaporean Richard Teng has been named the new CEO of cryptocurrency exchange Binance after former chief executive Zhao Changpeng, also known as CZ, resigned from the role.

Teng brings over 30 years of experience in financial services and regulation. He previously served as the CEO of Binance Singapore before becoming head of regional markets.

His appointment comes after Zhao pleaded guilty to violating US anti-money laundering laws and agreed to pay $1 billion as part of a $4.3 billion settlement with authorities.

As the new CEO, Teng said his priorities will be collaborating with regulators, driving growth and adoption of Web3 technologies, and maintaining user confidence in Binance.

His strong background in regulation is seen as an asset as Binance seeks to repair its image and demonstrate a commitment to security and compliance after years of scrutiny.

Teng will be tasked with navigating Binance's next chapter as the Justice Department investigation comes to an end. With Zhao's support, he expressed confidence about meeting stakeholder expectations.