Binance (BNB) signs up ex-Singapore Exchange chief as regulatory troubles loom 🚨 This article is 3 years old...
Binance (BNB) signs up ex-Singapore Exchange chief as regulatory troubles loom
Binance Singapore has announced its new CEO in its bid to become more regulatory compliant.
2 min read
Updated: Aug. 23, 2021 at 2:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance, the largest crypto exchange in the world by trading volume, in its bid to combat its battle with regulatory authorities around the world has appointed Richard Teng, the former chief regulatory officer of the Singapore Exchange (SGX), as the head of its Singapore’s branch.
Binance hiring regulatory chiefs to be regulatory compliant
Teng, in his previous capacity as a regulatory enforcer, had seen to the formulation and administration of Singapore’s Securities and Futures Act. Apart from that, his experience in the field is spread across the Monetary Authority of Singapore (MAS) and also the Abu Dhabi Global Market. All of this points to an experienced authority in the financial market.
Mr Teng, while speaking on the new appointment said “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.”
He continued that “we seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth.”
This view was also corroborated by Changpeng Zhao, Binance CEO, who hailed Richard Teng for his previous works. Zhao said, “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 regulatory compliance efforts
We reported that Binance, after facing a torrent of regulatory clampdowns, has mandated all users on its platform to complete their verifications so as to continue enjoying its services. The exchange had stated that this was important for it to become compliant with global regulators Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
According to the report “all new users (have) to complete Intermediate Verification as it would give them access to Binance products and service offerings, such as cryptocurrency, deposits, trades, and withdrawals. Intermediate Verification includes the submissions of government-issued ID as well as facial Verification.”
Thus, hiring a former regulatory enforcer like Richard Teng, as Zhao said, would help them become “a leader in regulatory compliance.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.