Richard Teng appointed to lead Binance’s regional markets outside the US
Binance, the world’s largest cryptocurrency exchange, has appointed Richard Teng as head of all regional markets outside of the US. Teng is a veteran of traditional finance with strong regulatory experience. According to Bloomberg, Teng’s promotion comes less than two years after joining Binance. Previously, Teng was responsible for overseeing Asia, Europe, the Middle East, and North Africa, but his new role will now encompass all regions beyond the US. The US market will still be led by Brian Shroder, a former director at Alibaba’s payment branch Ant Group. Teng began his career at Binance as Head of the exchange’s Singapore office in August 2021. Before joining Binance, Teng held various senior positions in the traditional financial sector, including CEO of Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange Ltd, and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). According to his LinkedIn profile, Teng first ventured into the world of crypto in July 2021 when he joined Blockchain Association Singapore as a member of the advisory board, just a month before joining Binance.
Renewed push for regulatory compliance at Binance
Binance’s appointment of Teng likely means that the exchange is serious about regulatory compliance, acquiring licenses, and expanding internationally. In a tweet, Binance said that people with strong regulatory experience are being appointed “so Binance can evolve with regulators’ expectations of the industry in the years to come.” Binance is already facing regulatory issues, particularly in the US, where both Binance and its CEO Changpeng Zhao were sued by the Commodity Futures Trading Commission (CFTC) in March. In response to the lawsuit, Binance said it was “unexpected and disappointing” that the regulator had taken action, while adding that the exchange had cooperated with the CFTC for over two years.