Binance Hires Former Abu Dhabi Global Market Head as Singapore CEO
The move provides an opportunity to get ahead of the regulatory curve – a sore point for the exchange in recent weeks.
Binance has hired Richard Teng, the former CEO of Abu Dhabi's financial watchdog, to head the exchange's operations in Singapore, the company said in a press release on Monday.
- Teng had reportedly been in talks with the exchange's Singapore subsidiary business to join as early as last week, CoinDesk reported.
- The move can be viewed as an opportunity to get ahead of the regulatory curve which has been a cause of consternation for the exchange in recent weeks.
- Teng spent six years at the Financial Services Regulatory Authority at Abu Dhabi Global Market as its head.
- He also spent seven years as the chief regulatory officer of the Singapore exchange and 13 years with the Money Authority of Singapore, according to his Linkedin profile.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.