Richard Teng, an executive who joined the largest cryptocurrency exchange in the world less than two years ago, has been reportedly appointed by Binance to lead all of its regional markets beyond the United States of America.
In accordance with the company’s spokesperson, Teng’s new job, which takes effect on Monday, is an extension to his earlier position of directing Asia, Europe, the Middle East, and North Africa.
Teng Joined Binance in Aug 2021
In March 2015, Teng began working at Abu Dhabi Global Market (ADGM). He is in charge of the development and leadership of the ADGM’s financial services regulatory and supervisory framework in order to support an equitable, open, and transparent financial market. In the midst of a turbulent period for the digital assets industry, he quickly climbed ranks after joining Binance in August 2021 as the Chief Executive Officer of Singapore. Blockchain Association Singapore board chairman Chia Hock Lai noted:
“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.”
Exchange’s Massive Expansion
Teng’s appointment comes after the company’s joint venture in Thailand obtained licenses for a digital exchange, and it is now building a new platform for Japan citizens after purchasing a local cryptocurrency company.
However, amid the massive expansion, a US government body warned Binance for Intentionally violating rules. Binance Holdings and its CEO Changpeng Zhao “CZ” received the warning from the chairman of the Commodity Futures Trading Commission (CFTC) for not complying with U.S. laws.
Binance’s chief strategy officer, Patrick Hillmann, recently noted at the Financial Times’ Crypto and Digital Assets Conference that the last six months have been rather complicated in the United States. Furthermore, Binance has acknowledged that cryptocurrency regulations have made it challenging to conduct business in the United States. As a result, it is currently looking for regulation in the UK.