In an attempt to push for regulatory compliance, Binance Singapore has announced the appointment of Richard Teng as CEO. He is the former Regulatory Director of the Singapore Exchange (SGX).
This development is noteworthy as Binance has been appointing previous regulators to leadership positions within the organization as of late. This can be seen as one of the measures the company is taking to deal with the severe regulatory backlash it has faced around the world lately.
Prior to working for SGX, Teng served as the Director of Corporate Finance at the Monetary Authority of Singapore (MAS). He was also CEO of Abu Dhabi Global Market (ADGM) for six years, prior to his last appointment. In an official statement, talking about the rapid acceleration of blockchain adoption, Teng posted,
“We are witnessing a rapid mainstream adoption of blockchain technology and crypto, creating a need for greater understanding and appreciation among individuals, institutions, and governments.”
In addition to this, regarding the possible future strategy of the exchange, he said:
“We seek to work closely with industry leaders and policy makers to improve understanding of this fast-growing industry and support its sustainable growth.”
After being banned or warned by various countries, including Japan, the United Kingdom, and Hong Kong, Binance had to discontinue or limit several of its product offerings, while repeatedly promising greater compliance efforts.
A tanning event Last month, Binance CEO Changpeng Zhao revealed that because the company “hasn’t done a great job communicating with regulators,” it is seeking former regulators to take leadership positions.
“In this way they join our organization, they know what is happening here and they can use the same language to speak with their former colleagues. Then communication will improve. “
During the same summit, Zhao also claimed that the company is looking for his successor. Someone with “solid compliance experience” would be a much better fit for the CEO role, he had said.
Also, an IPO could be on Binance’s cards. This will happen once the necessary corporate structures are established, such as having a headquarters and being a legal entity.
In an open letter shared in July, Zhao had called the regulations “positive signs that an industry is maturing.” To that end, he wrote that Binance has increased its international compliance team and advisory council by 500% since last year.
Notable appointments include FATF Executive Secretary Rick McDonell, former head of the Canadian delegation to the FATF Josée Nadeau, Max Baucus, the former US Senator from Montana and a former US Ambassador to China.
More recently, the crypto exchange appointed former US Treasury criminal investigator Greg Monahan as its Global Money Laundering Complaint Officer (GMLRO).
This is a machine translation of our English version.
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