Binance has hired Richard Teng to become their CEO in Singapore to cross the regulatory curve. This has been a hurdle for the exchange in the present weeks.
Binance is a cryptocurrency exchange that provides an online platform for trading various cryptocurrencies. It was founded in 2017, domiciled in the Cayman Islands, and provides a crypto wallet for traders to store their electronic funds. Binance is currently the largest exchange in the world in terms of the daily trading volume.
The Binance Singapore refers to the leading fiat-to-crypto platform for trading cryptocurrencies in Singapore Dollars (SGD).
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The popular crypto exchange has hired the former CEO of Abu Dhabi’s financial watchdog to man its operations in Singapore. The company stated this on Monday during a press release.
Mr. Teng And The ADGM
Mr. Teng, during his tenure as the CEO of Abu Dhabi Global Market (ADGM), played a vital role. He drove the force that made the ADGM be recognized internationally by global regulators. They also gained recognition from industry bodies and were labeled in a Forbes article among one of the world’s foremost innovative regulators.
The ADGM recorded significant growth from a newly established financial center to a firm with over 2,700 registered licenses. In addition, the knowledge has over 150 financial institutions approved within five years of operation.
Before joining the ADGM, Teng was the CRO (Chief Regulatory Officer) of the SGX (Singapore Exchange). He was the leader of a regulatory organization responsible for framework, policy, and rule formulation.
The aspects include clear trading and offering regulatory solutions for new products as well as services. In addition, Mr. Teng spent thirteen years working with MAS (Monetary Authority of Singapore) and later became their Corporate Finance Director.
Richard Teng To Lead Binance In Singapore
A media outlet reported that Mr. Teng has been talking with Binance Singapore business, indicating his interest to join them last week. “I am happy to join Binance Singapore at this crucial time for the crypto and blockchain industry,” Mr. Teng stated.
The exchange adopted the move as an avenue of crossing over the regulatory curve, which has caused consternation for them in recent weeks.
Binance Singapore intends to offer trading pairs for Ether (ETH), Bitcoin (BTC), and Binance coin. According to a Monday press release, the exchange platform via xFers Direct provides withdrawals and deposits in Singapore currency (SGD).
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For six years, Mr.Teng was the head of the Financial Services Regulatory Authority at Abu Dhabi Global Market.
He has seven years of working experience as the Singapore exchange chief regulatory officer. Mr. Teng also spent 13 years working with the Money Authority of Singapore, as stated in his Linkedln profile.
Binance is following an upward trend with 4% growth in last 24 hours| Source: BNBUSD on TradingView.com
Featured image from Pixabay, and chart from TradingView.com