Binance Appoints Richard Teng to Lead Regional Markets Outside the US Amid Regulatory Scrutiny
Binance, recognized as the largest cryptocurrency exchange globally in terms of trading volume, has selected Richard Teng to take charge of overseeing all regional markets outside of the United States. This decision comes at a time when Binance has been under increasing regulatory scrutiny from U.S. authorities. Richard Teng, who initially joined Binance as the CEO of Singapore in August 2021, announced his new role through a post on LinkedIn.
The appointment of Teng signifies Binance’s efforts to strengthen its operations and compliance measures in various regions amid the evolving regulatory landscape.
Ongoing Regulatory Scrutiny Puts Binance Under the Spotlight
Amidst continuous regulatory scrutiny from U.S. regulators and pressure in other countries, Binance has made this recent change. The crypto exchange’s decision to appoint Richard Teng as the overseer of regional markets outside the United States comes at a time when Binance has faced non-compliance issues and regulatory challenges.
Earlier this month, Binance withdrew from the Canadian market due to stringent regulations imposed on crypto trading platforms. Additionally, Australia revoked Binance’s financial services license last month amid an ongoing regulatory probe. Prior to joining Binance, Richard Teng held positions in various esteemed financial institutions such as Singapore Exchange Ltd, Monetary Authority of Singapore, and Abu Dhabi Global Market.
This move showcases Binance’s strategic efforts to address regulatory concerns and strengthen its operations under the guidance of experienced industry professionals.
Also Read This Related: Binance Shows Support for BRC-20 Token Listings
Exchange Faces Long-Term Implications from CFTC Lawsuit
Binance, the prominent cryptocurrency exchange, is currently facing serious allegations from the US Commodity Futures Trading Commission (CFTC). The accusations include claims of allowing and facilitating the illicit trading of cryptocurrency derivatives by individuals located in the United States. Additionally, Binance.US is under investigation by the US Department of Justice (DoJ) over alleged involvement in money laundering, as reported by Reuters last year.
However, the exchange, led by CZ (Changpeng Zhao), vehemently denies these allegations and dismisses them as “FUD” (Fear, Uncertainty, and Doubt). Binance is prepared for a lengthy battle to defend its reputation against the CFTC.
In an effort to reduce its dependence on the US market, the CZ-led exchange is intensifying its compliance efforts outside of the United States.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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