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Binance Hires Former Abu Dhabi Global Market Head as Singapore CEO
The move provides an opportunity to get ahead of the regulatory curve – a sore point for the exchange in recent weeks.
Binance has hired Richard Teng, the former CEO of Abu Dhabi's financial watchdog, to head the exchange's operations in Singapore, the company said in a press release on Monday.
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- Teng had reportedly been in talks with the exchange's Singapore subsidiary business to join as early as last week, CoinDesk reported.
- The move can be viewed as an opportunity to get ahead of the regulatory curve which has been a cause of consternation for the exchange in recent weeks.
- Binance Singapore offers Singapore citizens and residents trading pairs for bitcoin, ether and Binance coin. The platform provides SGD deposit and withdrawal functionality via Xfers Direct, according to a press release on Monday.
- Teng spent six years at the Financial Services Regulatory Authority at Abu Dhabi Global Market as its head.
- He also spent seven years as the chief regulatory officer of the Singapore exchange and 13 years with the Money Authority of Singapore, according to his Linkedin profile.
Read more: Binance Appoints Former US Treasury Enforcer to Anti-Money Laundering Role
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
