Dubai: Binance tapped Richard Teng to head all its regional markets outside of the US, a swift and steady ascension for the executive that joined the world’s biggest crypto exchange just under two years ago.
Teng’s new position, effective Monday, is an expansion of his previous role leading Asia, Europe, Middle East and North Africa, according to a company spokesperson. He joined the firm in August 2021 as CEO of Singapore, and rapidly climbed the ranks amid a tumultuous time in the digital assets sector.
Teng’s expanded responsibilities comes at a time when Binance is under fire from US authorities over compliance issues. Outside of the US, there have been a flurry of developments. It is launching a new platform for Japan residents after buying a local crypto firm, and its joint venture in Thailand recently secured licenses for a digital exchange. In Australia meanwhile, the permit for its derivatives business has been canceled pending a review of its local operations.
“Richard’s international experience and regulatory background as well as global relationships will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape,” said Chia Hock Lai, board chairman of the Blockchain Association Singapore.
Teng’s additional responsibilities, which he shared on LinkedIn on Monday, comes just over a month after he took charge of Asia on top of leading Europe, the Middle East and North Africa.
Before joining Binance, Teng held other senior positions in the traditional financial sector. These include being CEO of Abu Dhabi Global Market, chief regulatory officer at the Singapore Exchange and director of corporate finance at the Monetary Authority of Singapore, according to his LinkedIn profile.