Binance Appoints Richard Teng to Oversee Global Markets Amidst US Scrutiny
Binance is the largest cryptocurrency exchange in the world by trading volume, and they have assigned Richard Teng to oversee all regional markets outside of the United States.
Moreover, Binance has been under investigation by US authorities for some time. In August of 2021, Richard Teng was named CEO of Binance’s Singapore office, and he revealed his new position on LinkedIn.
This change was made by Binance in response to mounting demand from the United States and other countries to address possible compliance issues.
Mounting Pressure of Compliance
Earlier this month, the cryptocurrency exchange left Canada due to the country’s stringent restrictions for crypto trading platforms. Meanwhile, in Australia, its financial services license was canceled last month after a regulatory inquiry.
Before joining Binance, Teng worked for the Singapore Exchange Ltd, the Monetary Authority of Singapore, and the Abu Dhabi Global Market. The US Commodity Futures Trading Commission has made severe claims against Binance, stating that the exchange actively promoted and supported illegal crypto derivatives trading by US people.
According to reports, the US Department of Justice (DOJ) is investigating claims that it aided in money laundering. These assertions have been fiercely denied by the Changpeng Zhao-backed cryptocurrency exchange, who have referred to them as “FUD.”
The CFTC is a formidable opponent, and the exchange will have to fight hard to keep its reputation. The CZ-led exchange is speeding up its compliance activities outside the US to lessen its dependence on the US market, and hiring Teng is a big step in that direction.