Less than a week after the appointment of former US treasury criminal investor, Greg Monahan, as global money laundering reporting officer (GMLRO), Binance has appointed Richard Teng – former chief executive officer (CEO) of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) – as its new CEO, Singapore.
Binance revealed this information in a press release today. According to Yahoo Finance, the move can be viewed as an opportunity to get ahead of the regulatory curve, which has been a cause of consternation for the exchange in recent weeks.
Teng's industry experience makes him well-suited to deal with Binance legal challenges. Teng spent six years at the Financial Services Regulatory Authority at Abu Dhabi Global Market as its head. He also spent seven years as the chief regulatory officer of the Singapore exchange and 13 years with the Money Authority of Singapore.
I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry," Teng said. "I look forward to working with the talented team at Binance Singapore in furthering our business growth responsively and sustainably by meeting the needs of investors, adhering to best practices, and complying with regulatory standards."
Commenting on the latest appointment, Founder and CEO of Binance, Changpeng Zhao, said, "Richard Teng is a seasoned board and C-level leader, with three decades of financial services and regulatory experience. "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."
Binance Singapore offers Singapore citizens and residents trading pairs for bitcoin, ether and Binance coins. The platform provides SGD deposit and withdrawal functionality via Xfers Direct.
The latest development forms part of Binance's overarching effort to improve user protection and manage risks. "We have been expanding our capabilities to make the platform and the wider industry a safer place for all participants," pointed out a Binance spokesperson. "In addition to our ongoing collaboration with law enforcement and regulatory agencies, our recent AML-related updates include the deployment of Shyft Network's Veriscope and CipherTrace's Traveler solutions."
Singapore in focus
GDP: $339.988 billion in 2020 compared to $374.386 in 2019
Population: 5,685,807 in 2020 compared to 5,703,569 in 2019
GDP per capita: $59,797 in 2020 compared to $65,640 in 2019
