Former exchange board member Richard Teng has been officially elected to the role of CEO of Binance Singapore.
The exchange has appointed a new
lead its Singapore arm. The position of chief executive officer will be filled by Richard Teng. He previously served as senior executive director of the Financial Services Regulatory Authority (FSA) at Abu Dhabi Global Market.
The finalization of Teng’s new position confirms a statement from Binance that was released last week. It said that Teng applied for the role as the exchange seeks local licenses. In the statement, Teng said:
We are witnessing rapid mainstream adoption of blockchain and cryptocurrency technologies. This is leading to a need for greater understanding and appreciation among individuals, institutions and governments.
With Teng’s new leadership, Binance Singapore is seeking greater alignment with local regulators.
We aim to work closely with industry leaders and decision makers to increase understanding of this rapidly evolving industry and support its sustainable growth.
Prior to his position at Binance and Abu Dhabi Global Market, Teng was the chief regulatory officer at Singapore Exchange Limited (SGX). In addition, Teng has 13 years of experience at the Monetary Authority of Singapore. His experience with Singapore’s financial landscape gives Binance a veteran understanding of the space.
Binance CEO Changpeng “CZ” Zhao welcomed Teng in a statement:
We look forward to Richard leading the Binance Singapore team in securing further strategic partnerships, fostering innovation and further developing the local cryptocurrency ecosystem in Singapore.
Binance Continues Major Global Changes
This summer, the world of Binance witnessed a major disruption in its operations. The world’s leading exchange continues its shift towards a way of operating based on compliance with regulators. As a result, the company has ceased various operational functions at many of its international branches.
The latest example comes from Brazil, where the exchange has halted futures trading for Brazilian clients.
In addition to cleaning up operations, the exchange now requires “intermediate verification” for all users
. A related blog post states that this is a result of compliance with increasing global regulations in the cryptocurrency space.
Singapore’s neighboring countries, such as Hong Kong, have warned Binanc
e about its non-compliant operations. Earlier this summer, Singaporean regulators said they too would be watching the exchange.
Currently, Binance has a grace period of operations in Singapore while its application for a license is considered.
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