Binance appoints another regulatory expert as Singapore CEO

TL;DR Breakdown

• Richard Teng, a regulation expert appointed as Binance CEO in Singapore.
• Teng ready to help exchange overcome regulatory hurdle.

Binance exchange has announced the appointment of Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange (SGX) to head its Singapore operation.

This is in line with the exchange’s effort to overcome regulatory hurdle it faces with regulators globally. Binance over the past months has faced regulatory pressure from multiple jurisdictions including the U.S., the U.K., Singapore, Hong Kong and European Union countries.

The exchange in the announcement referenced that the new Singapore CEO in the past has also served as the CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market before he headed SGX. 

Teng has much experience under his belt while heading the SGX. He oversaw the regulation division in charge of policy framework relating to listing, trading, and clearing activities. 

Apart from that, the new CEO has also worked for 13 years at the Monetary Authority of Singapore, the city state’s de facto central bank.

Teng optimistic upon Binance appointment

While reacting to his appointment, Teng expressed optimism noting that he looks forward to working with the talented team at Singapore to improve business growth. 

He also spoke about the exchange meeting the needs of investors, adhering with best practices and complying with regulatory standards. Teng notes that under him, Binance would work closely with industry leaders and policymakers to enhance understanding of the growing crypto industry. 

It has been a strategy for Binance founder Changpeng Zhao to appoint regulatory officials into top offices in the firm. He said this since the exchange has been constantly targeted by regulators globally. 

Zhao expressed willingness to step down as CEO preferably for somebody with regulatory background to take over leadership of the firm. 

It is worth noting that months back, Brian Brooks, a former Acting Comptroller of the Currency (another regulatory professional) was appointed CEO of Binance US.  However, for unknown reasons Brooks departed the firm less than four months into his appointment. 

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13AUs-8bxooRnrmyhX6zo8SW