Binance Singapore has hired Richard Teng as CEO. Teng was previously CEO of the Abu Dhabi Global Market (ADGM) and has been active in the Fintech sector for years. Teng was formerly an executive at the Monetary Authority of Singapore (MAS) and a former Chief Regulatory Officer of the Singapore Exchange. More recently, Teng was the Chairman of HGX Exchange – an alternative trading platform based in Asia.
Teng issued the following statement on joining Binance:
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. 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. We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions and governments. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”
Binance Singapore currently offers Singapore citizens and residents trading pairs for Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The platform also provides SGD deposit and withdrawal functionality via Xfers Direct.
Changpeng Zhao (CZ), Founder and CEO of Binance, commented on Teng’s selection:
“Richard is a seasoned Board and C-level leader with three decades of financial services and regulatory experience. 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. Binance is not only a leader in technology innovation — we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.”