Binance, the world’s largest crypto exchange by daily transaction volume, has promoted Binance Singapore CEO Richard Teng to oversee all regional markets apart from the U.S. The exchange seeks to increase its international presence as it continually faces scrutiny from U.S. regulators over compliance issues.
Binance Singapore CEO Richard Teng to be a regional executive
Teng revealed his promotion via his LinkedIn profile, saying it’s an honor to serve in that capacity as he has already been heading regions like Asia, Europe, and the Middle East, fulfilling him to serve the company duly.
Teng joined the company in 2021 as the Singaporean branch’s CEO and has since been crucial to the company’s international markets dominance plans. He will now be tasked to ensure the maturity of their business in different regions worldwide but not in the U.S., where they are receiving heavy regulatory objections.
The move by the exchange to increase its international presence comes shortly after its confirmed departure from Canadian markets and cancellation of its financial services license in Australia.
Teng previously worked in various financial institutions like Singapore Exchange Ltd, Abu Dhabi Global Market, and the Monetary Authority of Singapore, and will now be a strategic executive for the exchange’s push to connect different regions via crypto technology.
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