Binance Announces New Lead to Spearhead Global Expansion

Richard Teng, the former CEO of Abu Dhabi Global Market and chief regulatory officer at the Singapore Exchange, has been appointed head of Binance’s regional markets outside the United States. This promotion represents an expansion of his previous responsibilities over Asia, Europe, the Middle East, and North Africa.

Teng initially joined Binance in August 2021 as the CEO for the Singapore region and has since demonstrated remarkable progress amid turbulence within the digital assets industry.

Grateful for the confidence, support and guidance from @cz_binance, @heyibinance, senior leaders and team at #Binance https://t.co/dAuO1MNzvT

— Richard Teng (@_RichardTeng) May 29, 2023

Teng’s expanded responsibilities came when US authorities scrutinized Binance and its CEO, Changpeng Zhao, for compliance issues. However, noteworthy developments have occurred outside of the United States, including establishing a new platform for Japanese residents through the acquisition of a local cryptocurrency company and licensing a digital exchange joint venture in Thailand. Permission for Binance’s derivatives business in Australia has been provisionally revoked pending a review of its local operations.

Given Teng’s extensive international experience, regulatory expertise, and global connections, his role at Binance will be instrumental in navigating the global regulatory landscape’s complexities. The chairperson of the Singapore Blockchain Association, Chia Hock Lai, has approved his nomination.

Before joining Binance, Teng held prestigious positions in the conventional financial sector. In the current regulatory environment, his expertise and knowledge in regulatory compliance and corporate finance make him a valuable asset for Binance. Teng’s rapid ascension within the company is evidence of his abilities and the organization’s trust in him.