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Binance Hires Former Abu Dhabi Global Market Head as Singapore CEO
The move provides an opportunity to get ahead of the regulatory curve – a sore point for the exchange in recent weeks.
Updated Sep 14, 2021, 1:43 p.m. Published Aug 23, 2021, 2:33 a.m.
Binance has hired Richard Teng, the former CEO of Abu Dhabi's financial watchdog, to head the exchange's operations in Singapore, the company said in a press release on Monday.
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- Teng had reportedly been in talks with the exchange's Singapore subsidiary business to join as early as last week, CoinDesk reported.
- 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.
- Binance Singapore offers Singapore citizens and residents trading pairs for bitcoin, ether and Binance coin. The platform provides SGD deposit and withdrawal functionality via Xfers Direct, according to a press release on Monday.
- 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, according to his Linkedin profile.
Read more: Binance Appoints Former US Treasury Enforcer to Anti-Money Laundering Role
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