Richard Teng, the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), has been named Chief Executive Officer of Binance Singapore, the biggest fiat-to-crypto platform for trading cryptocurrencies in Singapore Dollars (SGD) (CEO).
Mr. Teng was instrumental in enabling ADGM to obtain international recognition from global regulators and industry organizations, earning him the title of “one of the world’s foremost innovative regulators” in a Forbes article. In less than five years, ADGM went from being a freshly founded financial center to having approximately 2,700 registered licenses in issue and over 150 recognized financial institutions.
Mr. Teng was the Chief Regulatory Officer of the Singapore Exchange before joining ADGM (SGX). He was the head of the regulation group, which was in charge of developing policies, frameworks, and rules in the areas of listing, trading, and clearing, as well as developing regulatory solutions for new goods and services. Mr. Teng worked for the Monetary Authority of Singapore (MAS) for 13 years, rising through the ranks to become Director of Corporate Finance.
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry,” Mr. Teng said. “I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering to best practices, and complying with regulatory standards.
As blockchain and crypto technology becomes more widely adopted, individuals, institutions, and governments will need to gain a better knowledge and appreciation of them. We want to collaborate closely with industry leaders and policymakers to better understand this fast-growing industry and support its long-term success.”
Binance Singapore provides trading pairs for Bitcoin (BTC), Ethereum (ETH), and Binance Coin to Singapore residents (BNB). Xfers Direct is used to make SGD deposits and withdrawals on the platform. Binance Singapore, which was founded in 2019 with the support of Vertex Ventures China and Vertex Ventures Southeast Asia and India (“Vertex”), has been developing strategic partnerships to assist drive additional product innovation.
Binance Singapore recently announced a Memorandum of Understanding with CapBridge, a locally licensed corporation. Binance’s Founder and CEO, Changpeng Zhao (CZ), stated: “Richard has three decades of financial services and regulatory experience as a board and C-level leader. Richard will be leading the Binance Singapore team in establishing additional strategic collaborations, promoting innovation, and advancing the local cryptocurrency ecosystem in Singapore, which we are very excited about.”
“Binance will be a leader not only in technological innovation but also in regulatory compliance. Richard’s addition to our team is a huge step in the right direction.”
About Binance Singapore
Binance.SG is a fiat-to-crypto currency exchange that caters to Singaporeans who want to purchase and sell cryptocurrencies with their local currency (SGD). The platform allows users to deposit and withdraw SGD in real time, 24 hours a day, seven days a week, with a strong focus on security and regulatory compliance. Binance Singapore has the lowest trading, deposit, and withdrawal fees in the Singapore market, lowering the entry hurdles and boosting local cryptocurrency adoption.
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