Binance Appoints Former MAS Exec as Head of Regional Markets Outside US

Binance has reportedly appointed Richard Teng to lead the cryptocurrency 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, the Middle East and North Africa.

• in statementChia Hock Lai, Chairman of the Board of Directors of the Blockchain Association of 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 CEO of Binance Singapore last June.
• Prior to his attempt at Binance Singapore, the CEO spent 13 years with the Monetary Authority of Singapore (MAS), rising to become Director of Corporate Finance.
• This development comes at a time when the largest cryptocurrency exchange is in regulatory crosshairs around the world.
• Westpac blocked transfers to Binance’s Australian arm as part of its previous set of fraud protection measures. Prior to this, Binance’s derivatives license was revoked in Australia over allegations of misleading and enabling retail investors in the country to trade risky products intended for institutional clients.
• Binance also announced the winding up of its Canadian division two years after it was agreed to operate in the country amid mounting pressure on the crypto giant.
• Despite regulatory setbacks, the CZ-led exchange managed to obtain a digital asset license in Southeast Asia after partnering with a local firm in Thailand to set up an exchange in the country.