Binance Singapore, the local subsidiary of the world’s largest cryptocurrency exchange, has appointed former Singapore Exchange Ltd. executive Richard Teng as CEO.
The announcement backs up a Bloomberg News report from last week that Teng was in line for the post as parent company Binance Holdings shifts to a more compliance-focused strategy and Binance Singapore seeks local licences.
Teng was previously the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and the top regulatory officer at the Singapore Exchange. He also worked for the Singapore Monetary Authority for 13 years.
“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,” Teng said in a statement. “We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”
Binance, which was created in 2017 and quickly flourished in a market with few rules, has recently been under attention from regulators in countries ranging from the United States and United Kingdom to Thailand, Malaysia, and Japan. Singapore regulators stated early last month that “we are aware of the steps taken by other regulatory agencies against Binance and will follow up as necessary.”
Binance Asia Services Pte. has a grace period in Singapore while the MAS considers its application for a licence to conduct digital payment token services. Binance Singapore provides trading pairings for Bitcoin, Ether, and Binance Coin to Singaporeans and residents. The platform, which launched in 2019, allows Singapore dollars to be deposited and withdrawn using Xfers Direct.
In a statement, Binance CEO Changpeng “CZ” Zhao said, “We are happy to have Richard leading the Binance Singapore team in obtaining additional strategic partnerships, promoting innovation, and advancing the local cryptocurrency ecosystem in Singapore.”