Richard Teng to become CEO of Binance Singapore
Earlier today, the leading fiat-to-crypto trading platform Binance Singapore announced the appointment of Richard Teng as CEO. Before Binance, Teng was General Director of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
A step up the career ladder
Thanks to Teng’s efforts, ADGM has been recognised by global regulators and industry bodies, with a Forbes article calling him “one of the world’s foremost innovative regulators“. Under his competent leadership, in less than five years ADGM turned from a newly established venture into a strong organisation with more than 150 financial institutions and almost 2,700 registered licences.
Before joining Abu Dhabi Global Market, Teng was the Chief Regulatory Officer of the Singapore Exchange (SGX). He led the team responsible for policy, framework and rules in the field of listing, trading and clearing, as well as regulatory solutioning for new products and services. Prior to that, Richard Teng worked for the Monetary Authority of Singapore (MAS) for 13 years, eventually becoming Director of Corporate Finance.
Richard says he is “thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry,” PR Newswire reports. “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,” Teng stated.
Partnership-based business development
Binance Singapore offers Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) trading services to Singapore citizens and residents. Users can top up their balance and withdraw cash via Xfers Direct. Binance Singapore was launched in 2019 with the support of Vertex Ventures China, as well as Vertex Ventures Southeast Asia and India. One of the company’s strategies is creating partnerships that contribute to market innovation. Most recently, Binance Singapore signed a Memorandum of Understanding (MoU) with CapBridge.
The founder and CEO of Binance, Changpeng Zhao (CZ), said he was glad to welcome Richard Teng to his team.
He also expressed hope that Teng’s appointment as CEO will allow Binance, a leader in technology innovation, to start leading the way in regulatory compliance as well.
A bit about Binance Singapore
Binance.SG is an electronic money exchange in Singapore. It’s the only platform to allow customers to buy Bitcoin as well as ETH, BNB and LTC in Singapore dollars (SGD). The platform offers real-time, 24/7 SGD deposit and withdrawal functionality, as well as a focus on security and regulatory compliance. The exchange has the lowest trading, deposit and withdrawal fees, thus attracting more and more users and helping the development of the crypto industry in the country.
We’re hoping that Richard Teng’s appointment as CEO of Binance Singapore will fully live up to the top management’s expectations. Teng has already proven his professionalism and ability to work wonders for the companies he’s employed by.
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