Fiat-to-crypto trading platform Binance has today announced the appointment of Richard Teng – former chief executive officer (CEO) of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) – as its new CEO, Singapore.
This announcement comes barely a week after the hire of former US treasury criminal investor, Greg Monahan, as global money laundering reporting officer (GMLRO) - a move that seeks to clear up Binance’s ongoing money laundering issues.
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry,” said Teng. “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 with best practices, and complying with regulatory standards.”
This re-focus on investors is a reactionary measure taken to address some of the systemic issues that resulted in a group of customers being locked-out of the Binance platform during the infamous crypto-plunge in May this year.
Indeed, Teng’s industry experience makes him well-suited to navigate such hot waters. Prior to joining ADGM, Teng was chief regulatory officer of the Singapore Exchange (SGX), where he led the regulation group responsible for policy, framework and rule formulation in the areas of listing, trading and clearing. Before SGX, Teng spent 13 years with the Monetary Authority of Singapore (MAS).
“Richard Teng is a seasoned board and C-level leader, with three decades of financial services and regulatory experience,” said Founder and CEO of Binance, Changpeng Zhao. “We are delighted to have Richard leading the Binance Singapore team in securing more strategic partnerships, fostering innovation and furthering the local cryptocurrency ecosystem in Singapore.”
This update forms part of Binance's overarching effort to improve user protection and manage risks. “We have been expanding our capabilities to make the platform and the wider industry a safer place for all participants,” pointed out a Binance spokesperson. “In addition to our ongoing collaboration with law enforcement and regulatory agencies, our recent AML-related updates include the deployment of Shyft Network's Veriscope and CipherTrace's Traveler solutions.”