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George Spencer

August 25, 2021

Richard Teng To Expand Binance Operations In Singapore

Richard Teng was just hired by Binance to be the CEO of their operations in Singapore and expand it in the process.

Binance Singapore is the leading fiat-to-crypto platform for trading cryptocurrencies in SGD (Singapore Dollars). The crypto exchange giant stated on Monday in a press release that they had hired the ex-CEO of Abu Dhabi Global Market to man its operations in Singapore.

During his term as the CEO of ADGM, Teng did played a huge role and drove the force that made the company recognized globally by regulators worldwide. They also gained massive popularity from industry bodies and were tagged in a Forbes article as one of the world’s foremost innovative regulators. ADGM witnessed remarkable development from a newly established financial center to a globally-recognized firm with over almost 3,000 registered licenses.

Teng was the head of the Financial Services Regulatory Authority at Abu Dhabi Global Market for six years. Before joining the firm, Richard Teng has been the Chief Regulatory Officer of the Singapore crypto exchange firm SGX where he led a regulatory organization responsible for policy, framework, and rule formulation. Features of the regulatory included clear trading and offering solutions for new products and services. Mr. Teng also spent thirteen years working with Monetary Authority of Singapore (MAS). He went on later became their Corporate Finance Director.

A newspaper reported that Teng has been talking with Binance Singapore; showing his interest in joining them throughout last week. He is reported to have said that he is happy to join Binance Singapore, especially at this crucial a time for the crypto and blockchain industry. The exchange company welcomed the move as an avenue of crossing over their regulatory curve; something that has been causing great distress for them in the past couple of weeks.

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Binance Singapore has plans to offer trading pairs for Bitcoin, Ethereum‘s Ether, and Binance coin. Also mentioned in the Monday press release is that the exchange platform via xFers Direct issues withdrawals and deposits in SGD (Singapore dollar).