Binance appoints former MAS executive as head of regional markets outside the US

Binance has reportedly appointed Richard Teng to lead the crypto exchange’s regional markets outside the US.

According to the report, Teng’s new role is essentially an expansion of his previous responsibilities which included heading Asia, Europe, Middle East and North Africa.

• one in statementChia Hock Lai, Board Chair of the Blockchain Association Singapore, said,

“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.”

• Teng, who was the former CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, was appointed as the chief executive of Binance Singapore last June.
• Prior to his foray into Binance Singapore, the exec spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
• The development comes at a time when the largest cryptocurrency exchange worldwide has been in the regulatory crosshairs.
• Westpac bans transfers to Binance’s Australian branch as part of prior suite of scam safeguards. Earlier, Binance had its derivatives license revoked in Australia over allegations of misleading and enabling retail investors in the country to trade risky products designated for institutional clients.
• Binance also announced the closure of its Canadian division two years after it was approved to operate in the country amid growing pressure on the crypto giant.
• Despite regulatory setbacks, the CZ-led exchange managed to secure a digital asset license in Southeast Asia after partnering with a local business in Thailand to set up an exchange in the country.

Binance has reportedly appointed Richard Teng to lead the crypto exchange’s regional markets outside the US.

According to the report, Teng’s new role is essentially an expansion of his previous responsibilities which included heading Asia, Europe, Middle East and North Africa.

• one in statementChia Hock Lai, Board Chair of the Blockchain Association Singapore, said,

“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.”

• Teng, who was the former CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, was appointed as the chief executive of Binance Singapore last June.
• Prior to his foray into Binance Singapore, the exec spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
• The development comes at a time when the largest cryptocurrency exchange worldwide has been in the regulatory crosshairs.
• Westpac bans transfers to Binance’s Australian branch as part of prior suite of scam safeguards. Earlier, Binance had its derivatives license revoked in Australia over allegations of misleading and enabling retail investors in the country to trade risky products designated for institutional clients.
• Binance also announced the closure of its Canadian division two years after it was approved to operate in the country amid growing pressure on the crypto giant.
• Despite regulatory setbacks, the CZ-led exchange managed to secure a digital asset license in Southeast Asia after partnering with a local business in Thailand to set up an exchange in the country.