As the former Singapore executive takes the helm of Binance’s regional markets, the crypto giant looks to expand out of USA.
Richard Teng, a former Singapore executive, has been appointed as the Head of Regional Markets at Binance, having jurisdiction outside USA.
This strategic move aims to enhance compliance efforts with various regulators.
Rapid Growth and Expanded Responsibilities
Since joining Binance as the CEO for Singapore, Teng, the former Singapore executive, has his career on a peak high. With his experience and skills, he holds the responsibility to look after matters in Asia, Europe, Middle East and North Africa.
Teng assumes this increased responsibility at a time when Binance and its CEO, Changpeng Zhao faces scrutiny in USA. Nevertheless, Binance remains committed to expanding its presence beyond the US market.
Expansion Initiatives in Blockchain for Binance
Binance has recently completed the acquisition of a local crypto company and is actively developing a platform tailored to the residents of Japan. Additionally, its joint venture in Thailand has secured licences for a digital exchange.
However, Binance’s derivatives business in Australia is currently under investigation, which resulted its suspension down under.
Chia Hock Lai, the Chairman of the Blockchain Association Singapore, highlights that the former Singapore executive’s international experience, regulatory background, and global connections as significant assets for Binance. These assets will prove crucial as the company navigates the complex regulatory landscapes across the globe.
Impressive Track Record in Traditional Finance
Prior to joining Binance, Teng, the former Singapore executive, held notable positions in the traditional finance industry. He served as the CEO of Abu Dhabi Global Market, the Chief Regulatory Officer at Singapore Exchange Ltd., and as the Director of Corporate Finance at the Monetary Authority of Singapore.
His extensive background positions him well to lead the regional markets for Binance and contribute to its growth.
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