The world’s largest crypto change, Binance, has appointed Richard Teng, a standard finance (TradFi) veteran with sturdy regulatory expertise, as its head of all regional markets outdoors of the US.
The appointment marks a fast ascension for Teng at Binance and comes after lower than two years with the corporate, Bloomberg reported.
Beforehand answerable for overseeing Asia, Europe, the Center East, and North Africa, Teng’s expanded function will now embody all areas past the US, with the latter area nonetheless being led by Brian Shroder, a former director at Alibaba’s cost department Ant Group.
Teng began his profession at Binance as Head of the change’s Singapore workplace in August of 2021.
Previous to becoming a member of Binance, Teng held a various vary of senior positions within the conventional monetary sector, together with CEO of Abu Dhabi World Market, Chief Regulatory Officer on the Singapore Change Ltd, and Director of Company Finance on the Financial Authority of Singapore (MAS).
Judging from his LinkedIn profile, Teng first ventured into the world of crypto in July of 2021 when he joined Blockchain Affiliation Singapore as a member of the advisory board, only a month earlier than becoming a member of Binance.
Renewed push for regulatory compliance at Binance
Binance’s transfer to nominate a TradFi veteran like Teng as head of its regional operations possible signifies that the change is severe about regulatory compliance, the acquisition of licenses, and worldwide growth going ahead.
That view was additionally echoed by the change on Twitter, the place it said individuals with sturdy regulatory expertise are being appointed “so Binance can evolve with regulators’ expectations of the trade within the years to return.”
In a separate tweet, Teng additionally expressed his appreciation in direction of Binance:
Binance is already dealing with a number of points on the regulatory entrance, specifically within the US, the place each Binance and its CEO Changpeng Zhao were sued by the Commodity Futures Buying and selling Fee (CFTC) in March.
In a public response to the lawsuit, Binance mentioned it was “sudden and disappointing” that the regulator had taken the step, whereas including that the change has labored “cooperatively with the CFTC for over two years.”