Binance Singapore announced that it has recruited Richard Teng as its new Chief Executive Officer, effective from August 2021.
Finance Magnates recently learned in a press release that Richard Teng, a senior executive veteran with more than twenty-five years of experience in the financial industry, has been named by Binance Singapore, a leading fiat-to-crypto platform for trading of Cryptocurrencies in Singapore Dollars (SGD), as its new Chief Executive Officer.
Teng brings extensive experience from the financial industry. He played a pivotal role in enabling Abu Dhabi Global Market (ADGM) to gain international recognition by global regulators and industry bodies. In fact, Forbes marked him as “one of the world's foremost innovative regulators.”
A Look Back at Teng’s Career
Concurrently, Teng is also serving a few other institutions. Since July, he joined Global FinTech Institute as an International Council Member. Additionally, Blockchain Association Singapore (BAS) recruited him as an Advisory Board Member. Further, he joined Lulu Financial Group as a Board Director in April earlier this year, according to his LinkedIn profile.
Prior to Teng’s existing positions, he spent just over six years with ADGM as its Chief Executive Officer. During his tenure, ADGM advanced from a newly established financial centre to nearly 2,700 registered licenses in issue and more than 150 approved financial institutions.
Earlier on at SGX, Teng fulfilled the post of Chief Regulatory Officer. Over seven and a half years, he served as the Head of the Regulation Group and worked closely alongside the Monetary Authority of Singapore (MAS) to uphold a fair, orderly and transparent market. Additionally, he drove the regulation group responsible for policy, framework and rule formulation in the areas of listing, trading and clearing as well as regulatory solutions for new products and services.
Teng apparently began his career at the Monetary Authority of Singapore (MAS) in 1994. He spent approximately thirteen years with the organisation and attained the position of Director of Corporate Finance. He gained regulatory experience across banking, insurance and capital market segments. Further, he assisted in the broad-ranging transformation of Singapore's financial services sector in the late 1990s. Here, he spearheaded efforts to develop private banking and capital market sectors.
A Seasoned Board and C-Level Leader
Commenting on the announcement Changpeng Zhao (CZ), Founder and CEO of Binance, said: “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.”
“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 to best practices and complying with regulatory standards. We are witnessing rapid mainstream adoption of the 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,” Teng said.
