Cryptocurrency exchange Binance has appointed Richard Teng as the Chief Executive Officer for Singapore’s operations.
In a press statement, Binance noted that Teng previously served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He also worked at the Monetary Authority of Singapore for over a decade.
Commenting on his appointment, Teng noted that amid the rising crypto and blockchain adoption, players in the industry need to focus more on the regulatory side by working with policymakers. According to Teng:
“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.”
Elsewhere, Binance CEO Changpeng Zhao stated that Teng’s appointment would help the exchange secure partnerships and foster innovation.
Through Binance Singapore, investors can trade pairs for Bitcoin, Ethereum, and Binance Coin (BNB). The platform, founded in 2019, provides Singapore dollar deposit and withdrawal functionality via Xfers Direct.
The appointment follows Binance’s increased focus on aligning with regulatory requirements globally. Recently, the exchange has come under fire from regulators over claims of aiding money laundering and harbouring crypto scammers.
Update on Binance KYC
In this line, the exchange made an update to its know your customer (KYC) requirements. In a recent update, Binance noted that new users on the platform would be required to complete Intermediate level verification.
Furthermore, existing users without intermediate verification will only have the ability to withdraw funds. According to the exchange, the decision was made to strengthen its Anti-Money Laundering (AML) rules.
Last month, Binance limited the daily withdrawal limit for unverified users, and the latest update adds to the previous measure.
Amid the rising regulatory concerns, Binance had indicated that it seeks to double the compliance team by the end of the year. According to Zhao, the company has grown quickly, and there was a need to adhere to the changing environment.
Featured image via ifcfed.org