Binance Singapore appoints MAS, SGX veteran Richard Teng as chief executive

Mr Richard Teng was with the Monetary Authority of Singapore for 13 years and last served as its director of corporate finance.
Mr Richard Teng was with the Monetary Authority of Singapore for 13 years and last served as its director of corporate finance.PHOTO: BT FILE

SINGAPORE (THE BUSINESS TIMES) -  Binance Singapore on Monday announced the appointment of Mr Richard Teng  as its new chief executive.

Mr Teng was with the Monetary Authority of Singapore (MAS) for 13 years and last served as its director of corporate finance. He also held several senior appointments at the Singapore Exchange (SGX) including his latest position as chief regulatory officer of the bourse.

In October 2014, he left SGX to join the Abu Dhabi Global Market (ADGM) as chief executive officer (CEO) with effect from March 2015 and stepped down from the role after six years in March 2021.

Binance Singapore is the cryptocurrency trading platform operating under Binance Holdings’ Singapore unit, Binance Asia Services.

The platform offers Singapore citizens and residents trading pairs for Bitcoin, Ethereum and Binance Coin, as well as provides SGD deposit and withdrawal functionality via payments platform Xfers Direct.

“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,” Mr Teng said.