Regulators that over-manage crypto risks will hurt growth: Binance regional head

REGULATORS who pay attention only to managing crypto risks will end up stunting growth, Binance’s regional head for the Middle East and North Africa (Mena) region has warned.

Richard Teng, addressing crypto’s regulatory landscape across Asia in a fireside chat with reporters on Wednesday (Sep 28), said good crypto regulations should look into understanding the risks to better support innovation, but there is “still not enough knowledge of this relationship”.

The global crypto bourse had announced in December 2021 that it was withdrawing its application to be licensed by the Monetary Authority of Singapore (MAS), and that it would wind up its digital exchange in the city state. At the time, Teng was at the tail-end of his 5-month stint as Binance’s chief executive officer in Singapore; he was appointed to his current role shortly after.