The financial veteran will lead Binance Singapore in building partnerships and stricter regulatory compliance.
Binance Singapore has welcomed Richard Teng as its CEO to head the Singapore operations as part of its move towards creating stricter regulatory compliance.
As former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Mr Teng has played a major role in developing new regulations and bridging gaps in the finance ecosystem, and he brings a vast experience in the financial and fintech sectors to the table.
His past roles as Chief Regulatory Officer at the Singapore Exchange (SGX) and the Director of Corporate Finance at the Monetary Authority of Singapore (MAS) saw him leading a group of experts who established regulatory compliance on policies, rules, and framework across different trading areas. Plus, he was part of the team who was crucial to the legislation of the Singapore Securities and Futures Act.
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry,” Mr. Teng said. “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.”
With Mr Teng’s rich experience in financial regulations, it will undoubtedly be essential in Binance’s move towards regulatory compliance. The move comes as the cryptocurrency exchange faces increasing pressure from financial authorities in Asian countries like Malaysia and Thailand, as well as other countries like the United Kingdom and Italy.
Founder and CEO of Binance, Changpeng Zhao, 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.”
Mr Richard Teng’s appointment as Binance CEO comes shortly after his appointment as Advisory Board Member to the Blockchain Association Singapore (BAS), where he provides strategic guidance in promoting education, exchange of ideas, and thought leadership in the areas of blockchain and digital assets.