Singaporean crypto exchange platform Binance appointed Richard Teng, the former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as its Chief Executive Officer.
Teng played a pivotal role in enabling ADGM to gain international recognition by global regulators and industry bodies, with a Forbes article labelling him as “one of the world’s foremost innovative regulators”.
Under his leadership, ADGM grew from being a newly established financial center to having nearly 2,700 registered licenses in issue and more than 150 approved financial institutions in less than five years.
Prior to joining ADGM, Teng was the Chief Regulatory Officer of the Singapore Exchange (SGX). He led the regulation group responsible for policy, framework and rule formulation in the areas of listing, trading and clearing as well as regulatory solutioning for new products and services.
Before joining SGX, Teng spent 13 years with the Monetary Authority of Singapore (MAS), where he rose to become the Director of Corporate Finance.
Teng’s appointment comes as the beleaguered crypto platform faces brickbats from regulators across the world over regulatory and licensing concerns.
Binance has since made moves to right the ship by appointing Greg Monahan, former US Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer.
