On May 29, Binancee announced the appointment of Richard Teng to oversee all of its regional markets outside of the US in order to better comply with various regulatory bodies.
Since joining Binance in August 2021 as CEO from Singapore, Teng has seen a rapid rise within the organization, with the exchange looking to capitalize on his leadership abilities and industry expertise. Teng will now oversee operations in Asia, Europe, the Middle East and North Africa.
This increased scope of responsibility for Teng comes at a time when Binance and CEO and co-founder Changpeng Zhao are facing increased scrutiny from regulatory authorities in the United States over concerns about compliance issues. However, Binance’s focus on expanding its presence in territories outside the US remains strong.
The exchange recently completed the acquisition of a local crypto company and is actively developing a new platform that caters to residents of Japan. In addition, its joint venture in Thailand has successfully obtained licenses for digital exchange. However, Binance’s derivatives business in Australia is under investigation, which has led to the suspension of its permissions in the country.
Chia Hock Lai, Chairman of the Blockchain Association of Singapore, highlighted Teng’s international experience, regulatory background, and global connections as a valuable asset to Binance as it navigates the complex regulatory landscape around the world.
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Prior to joining Binance, Teng held a prominent position in the traditional finance industry. His notable roles include serving as CEO of the Abu Dhabi Global Market, Chief Regulatory Officer at Singapore Exchange Limited, and Director of Corporate Finance at the Monetary Authority of Singapore.