Binance Singapore appoints MAS and SGX veteran Richard Teng as chief executive

Michelle Zhu
Published Mon, Aug 23, 2021 · 07:24 AM

    BINANCE Singapore announced on Aug 23 that MAS and SGX veteran Richard Teng as its new chief executive, nearly a week after Bloomberg reported that Binance Holdings was said to be in discussions with Mr Teng about the role.

    He was with the Monetary Authority of Singapore (MAS) for 13 years and last served as its director of corporate finance. Mr Teng also held several senior appointments at the Singapore Exchange (SGX) including his latest position as chief regulatory officer of the bourse.

    In October 2014, he left SGX to join the Abu Dhabi Global Market (ADGM) as chief executive officer (CEO) with effect from March 2015 and stepped down from the role after six years in March 2021.

    Binance Singapore is the cryptocurrency trading platform operating under Binance Holdings' Singapore unit, Binance Asia Services.

    The platform offers Singapore citizens and residents trading pairs for Bitcoin, Ethereum and Binance Coin, as well as provides SGD deposit and withdrawal functionality via payments platform Xfers Direct.

    "I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards," said Mr Teng.

    "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. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth," he added.

    Last week on Tuesday, Bloomberg reported that Binance Holdings was in talks with Mr Teng about the CEO role for its Singapore business. Citing unnamed sources, it said Binance had also approached other executives about the position.

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