Binance Singapore hires regulatory veteran as CEO
07:48, 23 August 2021
Cryptocurrency exchange Binance, which has faced the heat from regulators across the world in recent months, announced the appointment of Richard Teng, a veteran in financial regulations as the CEO of Binance Singapore.
Over the past couple of months, Binance has been pulled up by regulators in the UK, Japan, Thailand, the US and Malaysia over non-compliance. The appointment of Teng is widely seen as a move to improve its regulatory image.
Binance’s founder and CEO, Changpeng Zhao, admitted that Teng will be “big step” in the direction of being a leader in regulatory compliance. Teng has worked as former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market, chief regulatory officer at Singapore Exchange.
Further, he also has 13 years of experience of working at the Monetary Authority of Singapore (MAS), where he rose to become the director of corporate finance. His appointment comes less than a month after Binance Singapore was given an in-principle approval by MAS to operate in the city-state.
“Rapid” adoption of cryptocurrencies
“Richard is a seasoned board and C-level leader with three decades of financial services and regulatory experience. We are delighted to have Richard leading the Binance Singapore team in securing more strategic partnerships, fostering innovation and furthering the local cryptocurrency ecosystem in Singapore,” Zhao said in a statement.
“We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation among individuals, institutions and governments. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth,” said Teng.