His new designation comes as Binance makes a retreat from the city-state and expands in the Middle East.
Richard Teng, who was Binance Singapore's CEO, is now the crypto bourse's regional head of the Middle East and North Africa (Mena), «The Business Times» reported on Friday, citing his updated LinkedIn profile.
Teng joined Binance in August, but his stint as Singapore CEO was short0lived as Binance withdrew its application earlier this month for a Singapore crypto permit via a local unit, marking an end to its pursuit to be a licensed bourse in the city-state.
Middle East Growth
The bourse has instead turned its gaze towards the Middle East. Founder Changpeng Zhao bought his first home in Dubai in November, and earlier this week, Binance said it signed a cooperation deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem.
Teng brings valuable experience in the region, having been the 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).
Binance also has a number of links with the UAE across its roster of senior executives. Recent hires include Mark McGinness and Matt Gamble, formerly from the Dubai Financial Services Authority and ADGM, respectively.
