In an effort to strengthen its compliance initiatives, Binance has chosen Richard Teng, an industry veteran with over 30 years of regulatory experience. Founder Changpeng Zhao believes that Teng’s expertise will be essential in navigating Binance’s future growth.
Teng comes to Binance from the Abu Dhabi Global Market, where he held the position of CEO in the financial services authority. Previously, he was responsible for regulatory oversight at the Singapore Exchange and has also worked at the Monetary Authority of Singapore.
Given the increased scrutiny of cryptocurrencies by governments worldwide, Teng’s background makes him well-suited to handle Binance’s regulatory concerns and reinforce compliance controls.
Teng has already played a key role in Binance’s regional expansion as Head of Regional Markets. CZ, the founder of Binance, has praised Teng’s leadership skills and considers him a qualified successor capable of promoting transparency.
Teng has expressed excitement about leading Binance’s talented and innovative team. His appointment comes at a time when the exchange faces investigations by agencies such as the Department of Justice (DOJ).
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