• Binance has appointed Richard Teng to lead its regional markets outside the US.
• Teng was previously CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
• Prior to this, he served as the Director of Corporate Finance at the Monetary Authority of Singapore (MAS).
Binance Appoints Former MAS Exec
Binance has recently announced the appointment of Richard Teng as Head of Regional Markets outside the US. He is a former executive from Monetary Authority of Singapore (MAS), where he served as Director of Corporate Finance for 13 years before joining Binance Singapore in June 2020.
Teng’s Role Expansion
Teng’s new role will entail an expansion of his previous responsibilities which included heading Asia, Europe, Middle East and North Africa. Chia Hock Lai, board chairman of Blockchain Association Singapore commented on this move by stating that “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.”
This development comes at a time when Binance has been under fire from regulators across the globe. Westpac banks had recently banned transfers to Binance’s Australian arm due to scam protection measures and their derivatives license was cancelled in Australia over allegations of misleading or enabling retail investors in that country.
Advantages for Binance
The advantages that come with having someone like Richard Teng on board are numerous. His extensive knowledge in regulation management and experience working with financial institutions can prove invaluable for navigating through complex regulations while also establishing healthy relationships with governments worldwide.
With his expertise and acumen, Teng looks set to help take Binance into becoming one of the leading exchanges around the world.