Binance scores Richard Teng as CEO for Singapore
“Binance is not only a leader in technology innovation — we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.”
Binance Singapore has appointed Richard Teng its Chief Executive Officer.
The renowned executive was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) until March 2021. Since then, he has been focusing on LuLu Financial, where he is Board Director.
He is also a board member at the Blockchain Association Singapore and the Global Fintech Institute.
Richard Teng led ADGM in its quest to gain international recognition from global regulators and industry bodies. The entity grew from being a newly established financial centre to having nearly 2,700 registered licenses in issue and more than 150 approved financial institutions in less than five years.
He had joined ADGM from Singapore Exchange (SGX), where he was Chief Regulatory Officer and was responsible for policy, framework, and rule formulation in the areas of listing, trading, and clearing as well as regulatory solutions for new products and services.
Mr. Teng also spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
Richard Teng, CEO of Binance Singapore, commented: “I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards.
“We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst 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.”
Binance Singapore was launched in 2019 with the backing of Vertex Ventures China as well as Vertex Ventures Southeast Asia and India (“Vertex”). It has recently announced a Memorandum of Understanding with the locally licensed firm CapBridge.
The exchange offers Singapore citizens and residents trading pairs for Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB), with an SGD deposit and withdrawal functionality via Xfers Direct.
Changpeng Zhao (CZ), Founder and CEO of Binance, said: “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.”
“Binance is not only a leader in technology innovation — we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction”, he added.
Binance has been facing tremendous regulatory pressure from regulators across the globe. The largest crypto venue has recently seen its US chief executive quit amid the global crackdown.
The firm has already rolled back its futures and derivatives business in Hong Kong and exited the derivatives space in Europe after pressure from many other countries, including the United Kingdom and Malaysia.
Last week, the operator restricted trading in Australia after a general warning from ASIC. Still, the firm plans a major overhaul post its regulatory woes in order as its CEO maintains his desire to go public one day.
The embattled crypto exchange has announced that all the accounts held at the exchange would have to undergo mandatory KYC if they have to use its services.