Binance Singapore has hired the former chief regulatory officer of the Singapore Stock Exchange (SGX) to head its operation. In an announcement on Monday, the crypto exchange giant said that Richard Teng has joined the firm as the CEO of Binance Singapore as part of its effort to court global regulatory bodies. Binance has been facing regulatory scrutiny from different countries for some time.
Former SGX official to lead Binance Singapore.
According to the Binance’s announcement, Teng most recently served as the Financial Services Regulatory Authority CEO at Abu Dhabi Global Market. Before that, he was the chief regulatory officer at the SGX, where he led the regulation division in charge of policy framework relating to the listing, trading, and clearing activities. Teng also worked for 13 years at the Monetary Authority of Singapore, the city state’s de facto central bank. “I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering to best practices, and complying with regulatory standards,” Teng said.
Binance continues to face mounting regulatory pressure.
Binance has hired new CEO for its Singapore branch amid mounting regulatory pressure over the past months from multiple jurisdictions, including the U.S., the U.K., Singapore, Hong Kong, and European Union countries. As reported earlier, Binance.US, the exchange’s partner in the U.S., recently lost Brian Brooks as its CEO. The former U.S Acting Comptroller of the Currency departed the firm just months after his appointment. But Binance.US is still trying to raise a $100 million round, although it is having a tough time locking down investors in the U.S. due to rising regulatory concerns.