- Teng’s professional background includes stints at the Singapore Exchange Ltd.
- Binance has made this adjustment in the wake of persistent scrutiny from U.S. authorities.
Richard Teng has been given responsibility for all regional markets outside of the United States at Binance, the biggest cryptocurrency exchange in the world by trading volume. Authorities in the United States have been looking into Binance for some time. Richard Teng, who took over as CEO of Singapore for Binance in August 2021, announced his new role on LinkedIn.
Binance has made this adjustment in the wake of persistent scrutiny from U.S. authorities over potential non-compliance problems, as well as pressure from other nations.
Tacking Compliance Issues
The cryptocurrency exchange pulled out of Canada earlier this month. Due to the country’s strict laws for crypto trading platforms. While its financial services license was revoked in Australia last month after a regulatory investigation.
Teng’s professional background includes stints at the Singapore Exchange Ltd, the Monetary Authority of Singapore, and the Abu Dhabi Global Market before he joined Binance. The US Commodity Futures Trading Commission has levelled serious allegations against Binance, claiming that it enabled and encouraged US citizens to engage in unlawful trading of crypto derivatives.
The US Department of Justice (DOJ) is reportedly looking into allegations that it helped facilitate money laundering in the country. However, the CZ-led crypto exchange has been strongly refuting these claims and calling them “FUD.”
The exchange faces an uphill struggle against the CFTC to maintain its credibility. To reduce its reliance on the US market, the CZ-led exchange is increasing the pace of its compliance operations outside the US, and hiring Teng only takes it closer to achieving it.
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