29-5-2023 Binance, the world’s largest cryptocurrency exchange, has appointed Richard Teng to lead its regional markets outside the United States amid increasing regulatory scrutiny. Teng, who is already heading regions like Asia, Europe, and the Middle East, revealed his promotion on LinkedIn. He joined Binance as CEO of Singapore in August 2021 and will start his new role on Monday.
Binance has been facing significant compliance issues in the United States and other countries, leading to regulatory pressure and scrutiny. Earlier this month, the company withdrew from Canada due to the country’s tight regulations for crypto asset trading platforms, while Australia cancelled its financial services license last month amid a regulatory probe.
The appointment of Teng comes at a critical time for Binance as it navigates the complex and constantly evolving regulatory environment of the cryptocurrency industry. Teng’s extensive experience in the financial sector, having previously held positions at the Singapore Exchange Ltd, Monetary Authority of Singapore, and Abu Dhabi Global Market, makes him a valuable addition to the Binance team.
Binance’s decision to tap Teng to lead its regional markets outside the United States underscores the importance of complying with regulatory requirements to maintain a sustainable and successful business. The cryptocurrency industry is rapidly evolving, and companies that fail to comply with regulations risk facing legal action, reputational damage, and loss of business.
Binance’s move to appoint Teng to lead its regional markets outside the United States is a strategic one, as it seeks to maintain its position as one of the leading cryptocurrency exchanges in the world. Teng’s appointment is a clear indication that Binance is committed to complying with regulatory requirements and addressing compliance issues.
