The local affiliate of Binance in Singapore has appointed Richard Teng, the former Chief Regulatory officer of Singapore Exchange Ltd., as its CEO.
Teng Bringing Immense Expertise to Binance
Teng is coming from an immediate position as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market (ADGM). Binance’s hire of Teng will tap into his expertise, considering the ex-SGX CRO’s accomplishments in his previous positions.
Teng served at ADGM for six years and only stepped down this year in March. While there, he propelled the institution to international recognition by global regulators and other industry players. In the six years of Teng, ADGM developed from a new financial center to acquiring close to 2,700 registered licenses in issue and over 150 approved financial institutions.
While at SGX, Teng foresaw the regulation group that carried out policy, framework, and rule formulation tasks.
Binance’s Hire of Former ADGM CEO Teng a Bid to expand its Compliance
Despite his success at ADGM, Teng’s position at SGX correlates strongly to his appointment at Binance. The crypto exchange has been looking for more compliance-oriented strategies as it looks to acquire Singapore’s local licenses. It recently made the “intermediate verification” process compulsory for all users who want to access any of its services. Since last year, Binance’s compliance count has grown by 500%.
Moving forward, Binance is seeking to continue growing this number. Who better to lead Binance Singapore in this compliance quest than someone familiar with the country’s regulatory processes like former ADGM CEO Teng?
Teng’s expertise does not end at SGX and ADGM. Before his time at SGX, Teng served at the Monetary Authority of Singapore (MAS) for 13 years. While there, Teng rose through the ranks to be the Director of Corporate Finance.
Ex-SGX Chief Regulatory Officer Richard Teng expressed his excitement to be joining the Binance Singapore team. He stated he is looking forward to furthering the business growth of Binance responsively and sustainably.