CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Binance Singapore hires regulatory veteran as CEO

By Debabrata Das

07:48, 23 August 2021

Binance logo seen on smartphone
Binance logo on a smartphone – Photo: Shutterstock

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.

BTC/USD

89,762.50 Price
+1.540% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

US100

21,065.00 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 7.0

XRP/USD

0.70 Price
-4.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,573.27 Price
-0.980% 1D Chg, %
Long position overnight fee -0.0176%
Short position overnight fee 0.0094%
Overnight fee time 22:00 (UTC)
Spread 0.60

“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.

Trade Bitcoin / Singapore Dollar – BTC/SGD CFD

Read more: Malaysian securities regulator bans Binance operations

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading