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Richard Teng Takes the Helm: Binance Expands Executive Role to Navigate Regulatory Landscape

The move comes at a critical time for the exchange, as it faces increasing scrutiny from US regulators over compliance issues.

Richard Teng (Image: Binance)

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Binance, the world's largest cryptocurrency exchange, has announced the appointment of Richard Teng to head its regional markets outside the United States, Reuters reported on Monday.

Teng, who joined Binance as CEO of Singapore in August 2021 and started his new role yesterday, will now oversee regions such as Asia, Europe, the Middle East, and North Africa in his expanded role

This swift ascension within the company for Teng, who most recently held the role of regional head of Europe, Asia and MENA, showcases his capabilities and expertise in navigating the complex global regulatory landscape, which is a current priority for the firm.

Prior to joining Binance, Teng held senior positions in the traditional financial sector, including CEO of Abu Dhabi Global Market, chief regulatory officer at the Singapore Exchange, and various senior roles at the Monetary Authority of Singapore, where he spent 13 years.

The appointment coincides with Binance's recent activities in various regions and marks a significant step forward in the exchange's strategic plans. The exchange is launching a new platform for Japanese users following the acquisition of a local crypto firm, and its joint venture in Thailand has secured licenses for a digital asset platform. However, Binance recently announced its departure from the Canadian market due to new regulations that it deemed restrictive.

Canada Says Accept Crypto Rules or Leave; Binance Opts Out
After last year’s chaos, Canadian officials have moved to impose stronger controls on crypto firms, showing that US regulators are not alone in their efforts to rein in the sector.

With his international experience, regulatory background, and global relationships, Teng is expected to play a pivotal role in navigating the complexities of the global regulatory landscape.

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