Binance Singapore Appoints Former Regulator as CEO in Effort to Become 'a Leader in Regulatory Compliance' – Regulation Bitcoin News


Binance Singapore Appoints Former Regulator as CEO in Effort to Become 'a Leader in Regulatory Compliance'

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.

Tags in this story
Binance platform, binance regulator, binance regulatory compliance, binance singapore, binance singapore exchange, binance. binance singapore, binannce platform

What do you think about Binance’s efforts to become a leader in regulatory compliance? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments