Binance Appoints ADGM’s Senior Exec as CEO To Get Ahead of Regulatory Concernsby Fintech News Singapore August 23, 2021
Singaporean crypto exchange platform Binance appointed Richard Teng, the former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as its Chief Executive Officer.
Teng played a pivotal role in enabling ADGM to gain international recognition by global regulators and industry bodies, with a Forbes article labelling him as “one of the world’s foremost innovative regulators”.
Under his leadership, ADGM grew from being a newly established financial center to having nearly 2,700 registered licenses in issue and more than 150 approved financial institutions in less than five years.
Prior to joining ADGM, Teng was the Chief Regulatory Officer of the Singapore Exchange (SGX). He led the regulation group responsible for policy, framework and rule formulation in the areas of listing, trading and clearing as well as regulatory solutioning for new products and services.
Before joining SGX, Teng spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
Teng’s appointment comes as the beleaguered crypto platform faces brickbats from regulators across the world over regulatory and licensing concerns.
Binance has since made moves to right the ship by appointing Greg Monahan, former US Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer.
Richard Teng, CEO of Binance said,
“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 seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”
Changpeng Zhao, Founder and CEO of Binance said,
“Richard is a seasoned Board and C-level leader with three decades of financial services and regulatory experience.
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.”
Featured image: Richard Teng, CEO of Binance