Former MAS Exec Appointed Binance Regional Markets Head Outside US

The executive also worked at the Monetary Authority of Singapore (MAS) as the head of corporate finance.

Binance is said to have put Richard Teng in charge of the exchange’s areas outside of the US.

The story says that Teng’s new job is mostly an expansion of his old job, which was to lead Asia, Europe, the Middle East, and North Africa.

The board head of the Blockchain Association Singapore, Chia Hock Lai, said in a statement,

“Richard’s international experience and regulatory background as well as global relationships will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape.”

Teng was named the CEO of Binance Singapore last June. Before that, he was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). Before joining Binance Singapore, the executive worked for the Monetary Authority of Singapore (MAS) for 13 years, where he worked his way up to become the Director of Corporate Finance.

The news comes at a time when regulators all over the world have their eyes on the biggest bitcoin exchange. As part of its efforts to stop scams, Westpac stopped payments to Binance’s Australian branch. Before this, Binance’s derivatives license was taken away in Australia because the company was accused of misleading investors and letting them trade risky goods meant for institutions.

Binance also said that it will shut down its Canadian branch two years after it was given permission to do business there. This comes as heat on the crypto giant grows. Even though there were problems with regulations, the CZ-led exchange was able to get a digital asset license in Southeast Asia by working with a Thai business to set up an exchange there.