A new Chief Executive Officer for Binance Singapore has been engaged by Binance Global who was once associated with the national regulator. The background for appointing an ex-official of the regulator has been revealed by Binance Global to make sure that the crypto firm leaves no stones unturned when it comes to ensuring compliance with the laws of Singapore.
Singapore is a major crypto market for Binance and Binance Global wants to keep it that way without affecting it at all. So far there hasn’t been any issue raised against Binance for any non-compliance by the regulator of Singapore i.e. Financial Services Regulatory Authority (FSRA). Aimed with this objective, Binance Global has made a public announcement with regard to the hiring of a new CEO for Binance Singapore. The international crypto firm has told that it has hired an ex-executive of FSRA who worked for years as CEO of FSRA.
Richard Teng is the person who has been inducted as the Chief Executive Officer of Binance Singapore. He had worked with FSRA’s office in Abu Dhabi for more than 6 years. He also has vast experience spreading over 13 years of service with the country’s central bank called the Monetary Authority of Singapore. Before quitting his job with the Monetary Authority of Singapore, he was inducted as a director on the bank’s Board of Directors as well. At that time he was given the directorship of the bank’s corporate financing policies.
Upon being appointed by Binance Global, Teng commented that he is looking forward to resuming his charge as the new CEO. He also said that he is thrilled to become part of an international crypto firm whose services in the crypto market are unparalleled.
Teng also said that in Singapore there is evident adoption of crypto and blockchain technologies on a rapid pace. This growth has then urged the need for the people to learn and adopt these technologies for their and for their country’s betterment. He opined that crypto has a great future in Singapore and every sector is welcome to embrace innovation. He also suggested that crypto is something that must be adopted not only by people and organizations but also by government-owned companies/institutions.
Binance Global extended its crypto services arms in Singapore before the pandemic outbreak in 2019. For developing Binance Singapore, the parent company took on board Vertex Ventures. The expansion was carried out within no time and Binance Singapore started rendering crypto trade services locally as well. Binance Singapore allows crypto trading on the basis of native currency i.e. Singapore Dollars.
On the occasion, Binance Global’s CEO, Changpeng Zhao too had a few comments to make. He said that Binance Global is privileged to have someone with vast knowledge serving it as its CEO. He hoped that Teng would be able to utilize the knowledge which he had earned during his service with the regulator.