SINGAPORE, Aug.22, 2021 / PRNewswire / – Binance Singapore, the leading fiat-to-crypto platform for cryptocurrency trading in Singapore Dollars (SGD), today announced the appointment of Richard teng, former CEO of Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM), as CEO (CEO).
Mr. Teng has played a pivotal role in enabling ADGM to gain international recognition by global regulators and industry bodies, with a Forbes article calling him “one of the most innovative regulators in the worldUnder his leadership, ADGM has grown from a newly created financial center to nearly 2,700 registered licenses and over 150 approved financial institutions in less than five years.
Prior to joining ADGM, Mr. Teng was the Regulatory Director of the Singapore Exchange (SGX). He led the regulatory group responsible for formulating policies, frameworks and rules in the areas of listing, trading and clearing as well as regulatory solutions for new products and services. Prior to joining SGX, Mr. Teng spent 13 years with the Monetary Authority of Singapore (MAS), where he became director of corporate finance.
âI am delighted to join Binance Singapore at this pivotal time for the blockchain and crypto industry,â Mr. Teng said. âI look forward to working with the talented team at Binance Singapore to foster the growth of our business in a responsive and sustainable manner by meeting the needs of investors, adhering to best practices and adhering to regulatory standards. We are seeing rapid adoption of blockchain by the general public. and cryptographic technology, which leads to the need for better understanding and appreciation among individuals, institutions and governments. We seek to work closely with industry leaders and policy makers to improve understanding of this rapidly growing industry and support its sustainable growth. ”
Binance Singapore Deals Singapore citizens and residents trading pairs for Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). The platform provides deposit and withdrawal functionality in SGD through Xfers Direct. Launched in 2019 with support from Vertex Ventures China as well as Vertex Ventures Southeast Asia and India (âVertexâ), Binance Singapore has forged strategic relationships to help drive further product innovation. Most recently, Binance Singapore announced a memorandum of understanding with locally licensed company CapBridge.
Changpeng Zhao (CZ), Founder and CEO of Binance, said, âRichard is a seasoned board and C-level executive with three decades of experience in financial services and regulation. We are delighted that Richard is leading the Binance Singapore team in securing more strategic partnerships, fostering innovation and growing the local cryptocurrency ecosystem in Singapore. ”
âBinance is not only a leader in technological innovation, we will also be a leader in regulatory compliance. The fact that Richard is joining us is a big step in that direction.
About Binance Singapore
Binance.SG is a fiat-to-cryptocurrency platform designed to meet the needs of Singapore users who buy and sell cryptocurrencies with Singapore dollars (SGD). The platform offers real-time, 24/7 SGD deposit and withdrawal functionality, as well as a critical focus on security and regulatory compliance. Binance Singapore offers the lowest trading, deposit and withdrawal fees in the Singapore market, further lowering barriers to entry while encouraging local adoption of crypto. For more information visit: https://www.binance.sg/
SOURCE Binance Singapore