• Mr. Teng’s skilled background contains working on the Singapore Trade.
• Binance made this adjustment following relentless scrutiny from US authorities.

Richard Teng was entrusted with duty for all regional markets outdoors the US at Binance, the world’s largest cryptocurrency trade by buying and selling quantity. US authorities have been investigating Binance for a while. Richard Teng, who took over as Singapore CEO of Binance in August 2021, introduced his new position on LinkedIn.

Binance has made this adjustment following relentless scrutiny from US authorities for potential breach points and strain from different international locations.

Addressing Compliance Points

The cryptocurrency trade pulled out of Canada earlier this month. That is as a result of nation’s strict legal guidelines relating to cryptocurrency buying and selling platforms. In Australia, in the meantime, the corporate’s monetary companies license was revoked final month following a regulatory investigation.

Mr. Teng’s skilled background contains stints on the Singapore Trade, Financial Authority of Singapore and Abu Dhabi International Markets previous to becoming a member of Binance. The U.S. Commodity Futures Buying and selling Fee has filed severe allegations in opposition to Binance for enabling and inspiring U.S. residents to illegally commerce cryptocurrency derivatives.

The US Division of Justice (DOJ) is reportedly investigating allegations of facilitating home cash laundering. Nevertheless, the CZ-led cryptocurrency trade has strongly refuted these claims, calling them “FUD.”

The trade faces a troublesome battle with the CFTC to keep up its credibility. To scale back its reliance on the U.S. market, the CZ-led trade has elevated the tempo of its compliance actions outdoors the U.S., and Ten’s hiring solely brings it nearer to attaining that aim.

Really helpful for you:

Binance Displays Optimistic Stance on BRC-20 Token Itemizing