Former Abu Dhabi global market CEO joins Binance

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The leading fiat-to-crypto platform for trading cryptocurrencies in Singapore Dollars (SGD), Binance Singapore announced on 22nd August 2021 the appointment of their new Chief Executive Officer (CEO), Richard Teng. Richard Teng was the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). 

Binance Singapore is a fiat-to-crypto currency platform that is specially designed to meet the needs of Singapore users who want to buy and sell cryptocurrencies with Singapore Dollars (SGD). It offers real-time 24/7 SGD deposit and withdrawal functions as well as a critical focus on security and regulatory compliance. The most noted fact about Binance Singapore is that it provides the lowest trading, deposit and withdrawal fees in the Singapore market.

Richard Teng has stated regarding his joining Binance Singapore, “I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards. 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. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”

The founder and CEO of Binance, Changpeng Zhao stated, “Richard is a seasoned Board and C-level leader with three decades of financial services and regulatory experience. 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 is not only a leader in technology innovation — we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.”

Richard Teng has previously played a vital role in making ADGM gain international recognition by global regulators and industry bodies. This success has been to such an extent that Forbes has titled him “one of the world’s foremost innovate regulators.” ADGM has had tremendous growth under Teng’s leadership. He was also the Chief Regulatory Officer of the Singapore Exchange and before this, he had spent thirteen years with the Monetary Authority of Singapore, where he later became the Director of Corporate Finance.

This seems like a well-thought move for Binance Singapore, which hopefully is only beneficial to the company and promotes its growth in the industry. With the leadership and experience of Richard Teng, it only seems fitting to say that Binance Singapore is definitely going to have a bright and dominant future in the industry.

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