Binance is improving Singapore’s status as a cryptocurrency and bitcoin hub through its latest hiring maneuvers. The world’s number one digital currency exchange by daily trading volume has announced that it is bringing Richard Teng onboard as the new CEO for its Singapore office.
Binance Is Expanding in Singapore
Teng is a previous Singapore Exchange executive who’s got the skills the company needs to ensure digital currency protocols move forward appropriately. In a statement, Changpeng Zhao – the founder and CEO of Binance – explained:
Richard is a seasoned Board and C-level leader with three decades of financial services and regulatory experience. We are delighted to have Richard leading the Binance Singapore team in securing more strategic partnerships, fostering innovation, and furthering the local cryptocurrency ecosystem in Singapore… Binance is not only a leader in technology innovation; we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.
In the past, Teng served as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. Prior, he was the chief regulatory officer at the Singapore Exchange and the director of corporate finance at the Monetary Authority of Singapore. In an interview, Teng expressed his excitement about joining hands with Binance, claiming:
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 are witnessing rapid mainstream adoption of blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions, and governments. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth.
The Country Is Moving Forward Greatly
Singapore is establishing itself as one of the biggest crypto havens on the planet as of late. Jason Hsu – a former legislator and now vice president of the Taiwan Fintech Association – explained:
Singapore has a rather pro-business regulatory environment where its regulations are quite clear, although strict. Take cryptocurrency, for example. While other countries in the region are still figuring out how to regulate, Singapore has already set up legislation and policies to allow digital asset exchanges to obtain licenses to operate.
Binance itself has been rather busy as of late, recently getting a greenlight from a high court in London to monitor hacker activities to keep customers safe. The company is working to ensure crime is limited in the cryptocurrency space and has also stated it will be limiting all activity for unregistered users or those who try to dodge know your customer (KYC) protocols.