Binance has reportedly appointed Richard Teng to lead the crypto exchange’s regional markets outside the US.
According to the report, Teng’s new role is essentially an expansion of his previous responsibilities which included heading Asia, Europe, the Middle East, and North Africa.
- In a statement, Chia Hock Lai, board chairman of the Blockchain Association Singapore, said,
“Richard’s international experience and regulatory background as well as global relationships will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape.”
- Teng, who was the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), was appointed as the Chief Executive of Binance Singapore last June.
- Before his tryst in Binance Singapore, the exec spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
- The development comes at a time when the largest cryptocurrency exchange has been in regulatory crosshairs across the world.
- Westpac banned transfers to Binance’s Australian arm as part of the former’s suite of scam protection measures. Prior to this, Binance had its derivatives license canceled in Australia over allegations of misleading and enabling retail investors in the country to trade risky products designated for institutional clients.
- Binance also announced winding down its Canadian division two years after being approved to operate in the country amidst mounting pressure on the crypto giant.
- Despite regulatory setbacks, the CZ-led exchange managed to clinch a digital asset license in Southeast Asia after partnering with a local business in Thailand to set up an exchange in the country.