Richard Teng, returned to Singapore last April. Last March, he stepped down as head of the Abu Dhabi Market after serving for six years. Before taking that role, he was the chief regulatory officer of Singapore Exchange Ltd.
On top of these roles, he had also spent 13 years at the Monetary Authority of Singapore (MAS). And now, Teng might have a new role as the new head of Binance’s Singapore operations.
Though reports are already circulating that Teng might take this new position, both Teng and Binance haven’t confirmed this rumor yet.
Quick rise
Binance, which was established only last 2017, is currently the world’s largest cryptocurrency exchange by volume, and it has achieved this feat very quickly.
There were already crypto exchanges in the market before Binance started its operation. But it has quickly gained momentum and blazed over its competitors because of its aggressive expansions in various parts of the world.
The feat that Binance has achieved is certainly amazing, but the crypto exchange giant is currently facing a lot of troubles that can certainly affect its worldwide business.
Various regulators around the world are accusing Binance of violating their laws, which clearly makes the crypto exchange’s operations illegal in their countries. Some have even threatened to shut down Binance’s operations.
Addressing concerns
With the mounting pressures that Binance is facing from different countries, founder and Chief Executive Officer Changpeng Zhao — also known as “CZ” — has addressed these concerns in a recent press conference.
According to him, he is closely watching the progress of Binance’s regulatory problems. He said that Binance is planning to establish headquarters and hire regional CEOs to better streamline its compliance with regulators.
He also hints that he would eventually step down as the company’s top boss, and highlighted the importance of wide experience that his successor must have.
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