© Reuters. FILE PHOTO: Richard Teng, Head of MENA for cryptocurrency firm Binance, gestures during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Photo taken March 30, 2022. REUTERS/Abdulhadi Al Ramahi/ file
(Reuters) – Binance has appointed Richard Teng to head its regional markets outside the United States, at a time when the world’s largest cryptocurrency exchange faces scrutiny from US regulators over compliance issues.
Teng, who revealed his promotion on his LinkedIn profile, already heads up regions such as Asia, Europe and the Middle East. Joined Binance as CEO in Singapore in August 2021.
Teng will start his new role on Monday.
This development comes at a time when Binance has come under fire for non-compliance issues from US authorities, while it has faced pressure in other countries as well.
It pulled out of Canada earlier this month as the country put in place strict regulations for crypto-asset trading platforms, while Australia revoked the company’s financial services license last month amid a regulatory investigation.
Prior to joining Binance, Teng held positions in various financial institutions such as Singapore Exchange (OTC: Ltd), Monetary Authority of Singapore, and Abu Dhabi Global Market.