Binance, the world's biggest cryptocurrency exchange, is in the midst of a legal storm, and the upheaval has already claimed its chief executive, Changpeng Zhao.
Mr Zhao on Tuesday pleaded guilty to criminal charges and resigned from his position as part of a $4.3 billion settlement with the US Department of Justice, as federal prosecutors revealed sweeping allegations, including breaking US anti-money laundering laws, unlawful money transmitting and sanctions breaches.
Richard Teng, the company's former global head of regional markets, has taken his place. Mr Teng has ample experience in regulatory roles and capital markets.
“Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth,” a statement from Binance on Wednesday said.
Mr Teng, who was born in Singapore, holds a master's degree in applied finance from the University of Western Australia and a degree in accountancy from Nanyang Technological University Singapore.
Before Binance, Mr Teng served as chief executive of Abu Dhabi Global Market Financial Services Regulatory Authority. He joined the ADGM in 2015 and helped shape frameworks for crypto and blockchain adoption in the UAE.
Before that, he was the chief regulatory officer of the Singapore Exchange, where he worked closely with the Monetary Authority of Singapore, the city-state's central bank and financial regulator, according to his LinkedIn profile.
Mr Teng played a top role in the creation of policies and frameworks in the areas of listing, trading and clearing, as well as formulating regulatory solutions for new products and services.
He held several senior roles at the SGX, including senior vice president, head of issuer regulation and chief of staff for risk management and regulation, and head of regulation.
He joined Binance in August 2021 as the chief executive of the exchange's Singapore unit, where he began his steady ascent in the company's hierarchy.
In December of that year, he became Binance's regional head of the Middle East and North Africa. The Europe and Asia markets were added to his portfolio in November 2022 and April 2023 before he became the boss of the regional market.
Mr Teng said that his strategy for navigating Binance is based on reassuring users that they can remain confident in the “financial strength, security and safety of the company”, collaborate with regulators and work with partners to drive growth and adoption of Web3.
He is also currently an international council member at the Global FinTech Institute and an advisory board member at Blockchain Association Singapore. He sat on the board of Abu Dhabi-based Lulu Financial Group from 2021 to 2022.
Analysts say that while the case against Binance is another big blow to the highly volatile crypto industry, it is expected to put the spotlight on regulation, which is one of Mr Teng's strong suits.
“Greater regulatory scrutiny must be championed as digital currencies are set to play an ever-greater role. Cryptocurrencies must come into the regulatory tent and be held to the same standards as the rest of the financial system,” said Nigel Green, chief executive of financial advisory firm deVere Group.
“They are here to stay, and the market is only set to grow. There can be no doubt that regulation of the crypto ecosystem is required and, I believe, it should be a priority.”
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4. Shahada
5. Zakat
Our Time Has Come
Alyssa Ayres, Oxford University Press
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
