Singaporean finance expert Richard Teng has formally been named Binance’s chief of regional markets beyond the United States effective Monday, June 5, 2023.
Teng’s new position as the crypto firm’s head of regional markets is an expansion of his previous position with the company as regional head for Asia, Europe, and the Middle East. The promotion is also seen as a meteoric rise in the organization for someone who joined Binance in August 2021.
In fact, this promotion comes just a month after Teng took the helm of the company’s business in Asia on top of his current responsibilities in Europe, the Middle East, and North Africa.
The executive revealed his promotion via his profile on LinkedIn.
The Man for the Job
Prior to joining Binance, Teng was an executive at the Monetary Authority of Singapore and also held positions with the Abu Dhabi Global Market, as well as Singapore Exchange Ltd,
According to Chia Hock Lai, chairman of the board of the Blockchain Association Singapore, his countryman’s extensive professional experience in terms of global finance as well as his stint in a key regulatory agency will give Binance an advantage at a time when it is trying to make sense of evolving regulatory practices throughout the world.
A Rough Time All Around
Teng will certainly need to bank on his regulatory experience in the coming days.
Two weeks ago, Binance and other cryptocurrency firms bore the ire of US Securities and Exchange (SEC) chair Gary Gensler due to numerous issues regarding their non-compliance with government regulatory bodies, as well as the way their platforms are built up using the money of their customers.
Due to regulatory pressure, Binance withdrew its business from Canada in early May as that nation tightened its regulations for crypto-centric firms, particularly platforms specializing in the trading of digital assets.
At the same time,in light of an ongoing investigation, Australia canceled Binance’s financial services license.
