| Binance, the largest crypto exchange by trading volume, has appointed Richard Teng as the head of regional markets to oversee the operations outside the U.S. The move came nearly two years after Teng joined Binance. - The
promotion will expand Teng's previous role, which saw the executive
leading the operations in Asia, Europe, the Middle East, and North
Africa to include all the regional markets worldwide.
- Binance first hired Teng in Aug. 2021 as the CEO of its Singaporean arm.
- The
executive also previously held senior positions in other institutions
within the traditional financial industry, including Abu Dhabi Global
Market, Singapore Exchange Ltd., and the Monetary Authority of Singapore
(MAS).
- Blockchain
Association Singapore's board chairman Chia Hock Lai praised Teng for
his international experience, regulatory background, and global
relationships to be useful for Binance in its efforts to deal with the
challenging global regulatory environment.
- Over
the last several years, Binance came under increased scrutiny by many
U.S. regulators, including the Commodity Futures Trading Commission
(CFTC), the Internal Revenue Service (IRS), and the Securities and
Exchange Commission (SEC), mainly due to compliance issues.
- The
heightened crackdown also forced the company to consolidate its roots
in different parts of the world, including Europe and Asia.
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