Crypto exchange giant Binance has confirmed the hire of a former executive from Singapore Exchange as its new chief executive for the city-state.
Richard Teng has been named Singapore CEO for Binance, according to a statement, confirming earlier reports of his recruitment.
Teng was most recently CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market. Previously, he was the chief regulatory officer at SGX after spending 13 years with the Monetary Authority of Singapore (MAS).
«We are delighted to have [Teng] leading the Binance Singapore team in securing more strategic partnerships, fostering innovation and furthering the local cryptocurrency ecosystem in Singapore,» said Binance CEO Changpeng Zhao.
Singapore Review
In Singapore, Binance is currently operating under a grace period while the MAS reviews its application for a digital payment token services license.
Thus far, DBS Vickers and Australia-based Independent Reserve have received in-principal approvals from the MAS to provide such services.
«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 said in the statement. «We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.»
