The world’s largest crypto exchange, Binance, has appointed Richard Teng, a traditional finance (TradFi) veteran with strong regulatory experience, as its head of all regional markets outside of the US.
The appointment marks a quick ascension for Teng at Binance and comes after less than two years with the company, Bloomberg reported.
Previously responsible for overseeing Asia, Europe, the Middle East, and North Africa, Teng’s expanded role will now encompass all regions beyond the US, with the latter region still being led by Brian Shroder, a former director at Alibaba’s payment branch Ant Group.
Teng started his career at Binance as Head of the exchange’s Singapore office in August of 2021.
Prior to joining Binance, Teng held a diverse range of senior positions in the traditional financial sector, including 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).
According to his LinkedIn profile, Teng first ventured into the world of crypto in July of 2021 when he joined Blockchain Association Singapore as a member of the advisory board, just a month before joining Binance.
Renewed push for regulatory compliance at Binance
Binance’s move to appoint a TradFi veteran like Teng as head of its regional operations likely means that the exchange is serious about regulatory compliance, the acquisition of licenses, and international expansion going forward.
That view was also echoed by the exchange on Twitter, where it said people with strong regulatory experience are being appointed “so Binance can evolve with regulators’ expectations of the industry in the years to come.”
Binance is already facing a host of issues on the regulatory front, in particular in the US, where both Binance and its CEO, Changpeng Zhao, were sued by the Commodity Futures Trading Commission (CFTC) in March.
In a public response to the lawsuit, Binance said it was “unexpected and disappointing” that the regulator had taken the step, while adding that the exchange has worked “cooperatively with the CFTC for over two years.”
This article was originally published by CryptoNews.