In a strategic move to boost regulatory compliance, Binance, the world’s largest crypto exchange, has appointed Richard Teng, a traditional finance (TradFi) veteran with significant regulatory expertise, as the head of all regional markets outside the United States. This swift promotion comes less than two years after Teng joined the company and expands his oversight to include all global regions, excluding the US.
Teng’s impressive background in the traditional financial sector includes senior positions such as CEO of Abu Dhabi Global Market, Chief Regulatory Officer at the Singapore Exchange Ltd, and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Venturing into the world of crypto in July 2021, he joined Blockchain Association Singapore as a member of the advisory board, followed by his position as Head of Binance’s Singapore office in August that year.
Binance’s decision to appoint Teng, who has considerable regulatory experience, reflects the company’s intent to strengthen regulatory compliance, acquire necessary licenses, and pursue international expansion. The exchange has acknowledged the importance of aligning with regulatory expectations to remain competitive and successful in coming years.
Although committing to expanding regulatory compliance, Binance currently faces several challenges, specifically in the US. Both the exchange and CEO Changpeng Zhao were sued in March by the Commodity Futures Trading Commission (CFTC). Binance expressed disappointment over the lawsuit, claiming they have cooperated with the CFTC for more than two years.
Teng’s appointment marks a vital step in Binance’s efforts to improve relations with regulators. By focusing on compliance and licensing, Binance is demonstrating its commitment to being a responsible global player and adapting to the evolving expectations of governments and financial authorities. Furthermore, the inclusion of a strong leader with in-depth regulatory knowledge, such as Teng, showcases Binance’s acknowledgment of these complex requirements.
On one hand, this strategic move signifies Binance’s dedication to meeting these regulatory demands, offering stability and credibility to its platform and customers. On the other hand, skeptics might argue that the exchange has much ground to cover in terms of compliance and regulation before attaining that status.
In conclusion, Binance’s appointment of Richard Teng as head of all regional markets excluding the US highlights the company’s determination to strengthen regulatory compliance and enhance its international footprint. While facing current regulatory challenges, Binance is indeed making progress with the inclusion of seasoned professionals like Teng to help navigate an increasingly complex global landscape.
Source: Cryptonews
