Binance, a cryptocurrency exchange platform, recently announced the appointment of Senior Singapore bourse executive and former Head of Abu Dhabi Global Market, Richard Teng for the role of Chief Executive Officer, Singapore. This is followed by the appointment of former US treasury criminal investor Greg Monahan, as Global Money Laundering Reporting Officer (GMLRO).
Addressing Teng as a veteran and C-level leader, Founder, and CEO of Binance, Changpeng Zhao revealed Teng’s extensive experience in financial and regulatory services. Teng will be responsible to manage and handle strategic partnerships, innovations, and growth of local cryptocurrency across Singapore. He will head Binance’s Singapore team.
Earlier the cryptocurrency platform has been in news for allegedly not following certain regulations unlike its adversaries such as Coinbase Global Inc. Binance’s affiliates in Asia and Singapore are functioning on the grace period, as their license required to indulge in digital payment token services is under review by the Monetary Authority of Singapore (MAS).
Further, Binance is facing inspection from regulators in countries including, the US, the UK, Japan, and Thailand. The appointment of Monahan as GMLRO is said to advocate and aid Binance’s money laundering cases.
The platform is working on enhancing its protection measures and risk management systems. It is also in alliance with law enforcement and regulatory agencies along with deployment of Shyft Network’s Veriscope and CipherTrace’s Traveler solutions mentioned Binance’s spokesperson.
Thrilled about joining the crypto platform, Teng is looking forward to working with Binance’s Singapore team and growing its business operations sustainably and consistently. Teng will focus on catering to the requirements of the investors, following optimal practices and regulatory standards. He will further oversee and improve the systematic glitches that led to locking out a group of customers from the platform. The issues with the platform occurred during the recent crypto-plunge in May this year.
Teng formerly headed the Global financial market in Abu Dhabi as Chief Executive Officer, for six years. He served SGX for seven years as Chief Regulatory Officer. In his roles as CRO, he worked closely with the Monetary Authority of Singapore (MAS) to uphold a fair, orderly, and transparent market.