Binance has hired Richard Teng, the former CEO of Abu Dhabi’s financial watchdog, to head the exchange’s operations in Singapore, the company said in a press release on Monday.
- Teng had reportedly been in talks with the exchange's Singapore subsidiary business to join as early as last week, CoinDesk reported.
- The move can be viewed as an opportunity to get ahead of the regulatory curve which has been a cause of consternation for the exchange in recent weeks.
- Binance Singapore offers Singapore citizens and residents trading pairs for bitcoin, ether and Binance coin. The platform provides SGD deposit and withdrawal functionality via Xfers Direct, according to a press release on Monday.
- Teng spent six years at the Financial Services Regulatory Authority at Abu Dhabi Global Market as its head.
- He also spent seven years as the chief regulatory officer of the Singapore exchange and 13 years with the Money Authority of Singapore, according to his Linkedin profile.