Exchange of cryptocurrencies Binance has appointed the former chief regulatory officer of the Singapore Stock Exchange (SGX) to lead its Singapore operations.
Binance announced on Monday that Richard Teng has joined the company as CEO of Binance Singapore, as part of its efforts to court global regulatory bodies.
Teng most recently served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, according to the announcement. Prior to that, he was the chief regulatory officer at the Singapore Exchange, where he oversaw the regulation division, which was in charge of policy framework for listing, trading, and clearing activities.
Teng also worked for the Monetary Authority of Singapore, the city-de state’s facto central bank, for 13 years.
“I am excited to collaborate with the talented team at Binance Singapore to further our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering to best practices, and complying with regulatory standards,” Teng said. “We intend to collaborate closely with industry leaders and policymakers to improve understanding of this rapidly growing industry and to support its long-term growth.”
The move comes as multiple jurisdictions, including the United States, the United Kingdom, Singapore, Hong Kong, and European Union countries, have increased regulatory pressure on Binance in recent months.
Binance.US, the exchange’s US partner, recently lost CEO Brian Brooks. The former Acting Comptroller of the Currency left the firm only a few months after being appointed. However, Binance.US is still attempting to raise a $100 million round, despite the fact that it is having difficulty securing investors in the United States due to regulatory concerns.