Binance appoints former Singapore exec as head of regional markets

On May 29, Binancee announced the appointment of Richard Teng to oversee all of its regional markets outside of the United States to better comply with different regulators. 

Since joining Binance in August 2021 as the Singapore CEO, Teng has experienced a rapid ascent 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 its CEO and co-founder, Changpeng Zhao, are facing increased scrutiny from regulatory authorities in the United States due to concerns over compliance issues. However, Binance’s focus on expanding its presence in regions outside the United States remains strong. 

The exchange recently completed the acquisition of a local crypto company and is actively working on the development of a new platform catering to residents in Japan. Additionally, its joint venture in Thailand has successfully obtained licenses for digital exchange. However, Binance’s derivatives business in Australia is under investigation, resulting in suspending its permissions in the country.

Chia Hock Lai, board chairman of the Blockchain Association Singapore, highlighted Teng’s international experience, regulatory background, and global connections as valuable assets for Binance as it navigates the complex regulatory landscape worldwide.

Before joining Binance, Teng held prominent positions in the traditional finance industry. His notable roles include serving as the CEO of Abu Dhabi Global Market, the Chief Regulatory Officer at Singapore Exchange Ltd., and the Director of Corporate Finance at the Monetary Authority of Singapore.