Global cryptocurrency exchange Binance has hired a former regulator as the new CEO for its operations in Singapore. Binance aims to become “a leader in regulatory compliance” as it pivots into a financial services company amid intense scrutiny from regulators worldwide.
Binance Singapore Boosts Regulatory Compliance
Binance announced Monday that Binance Singapore has appointed a chief executive officer (CEO) with many years of compliance background.
Richard Teng was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) for six years and the chief regulatory officer of the Singapore Exchange (SGX) for almost eight years. He also spent 13 years with Singapore‘s central bank, the Monetary Authority of Singapore (MAS), where he rose to become the director of Corporate Finance.
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry,” Teng said, elaborating:
“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.”
Launched in 2019 with the backing of Vertex Ventures China and Vertex Ventures Southeast Asia and India, Binance Singapore provides the trading of cryptocurrencies in Singapore dollars (SGD).
Changpeng Zhao (CZ), founder and CEO of Binance, commented: “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.” He further opined:
“Binance is not only a leader in technology innovation — we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.”
The global crypto exchange recently came under scrutiny from regulators, including those in the U.S., U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claimed Binance operated illegally and without proper registration in their jurisdictions.
Zhao recently said that Binance is pivoting from a technology innovator into a financial services company, emphasizing that he spent almost all of his time on regulatory compliance. Last week, the exchange said it hired Greg Monahan, former U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO). The exchange also introduced mandatory know-your-customer (KYC) requirements for all users.