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Binance hires new chief executive for Singapore division

Richard Teng headed the Financial Services Regulatory Authority at Abu Dhabi Global Market prior to joining Binance

Fiat-to-crypto trading platform Binance announced that they have hired Richard Teng, the former head of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as their new CEO in Singapore, according to media reports.

This announcement comes just a week after the company hired former US treasury criminal investor, Greg Monahan, as global money laundering reporting officer (GMLRO), in order to clear the company’s ongoing money laundering case.

Teng told the media, “I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. 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 with best practices, and complying with regulatory standards.

“We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”

The company made this announcement amidst mounting regulatory pressure over the past few months from various jurisdictions including US, the UK, Hong Kong, Singapore and other European countries.

There is no doubt that Teng’s previous experiences make him suitable to tread through this precarious situation in the company. Prior to joining ADGM, Teng served as chief regulatory officer of the Singapore Exchange (SGX) and has also experience working with the Monetary Authority of Singapore (MAS) for 13 years.

Binance US recently lost Brain Brooks as their CEO as he left the firm just months after his joining. Binance US is still trying to raise $100 million but is having difficulty doing so as it is having a tough time locking down investors in the US due to regulatory concerns.

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