- Richard Teng has been appointed to lead regional markets for Binance, excluding the US.
- Teng displayed a rapid rise within Binance during a turbulent period in the digital assets industry.
- Binance faces significant developments in Japan and Thailand but faces setbacks in Australia.
As of Monday, Richard Teng has assumed a new position in Binance that extends beyond his previous responsibilities overseeing Asia, Europe, the Middle East, and North Africa, as stated by a spokesperson from the company.
Bloomberg reported that Binance has appointed Teng to lead its regional markets worldwide, excluding the United States. This promotion demonstrates the rapid and consistent rise of the executive, who became part of the largest cryptocurrency exchange globally less than two years ago.
Teng initially joined Binance in August 2021 as the Chief Executive Officer of Singapore and has swiftly advanced within the organization during a period of significant turbulence in the digital assets industry. His increased scope of responsibilities coincides with a challenging period for Binance, as it faces scrutiny from US authorities regarding compliance matters.
While the situation within the US remains contentious, significant developments have been unfolding in various regions outside of the US. In particular, Binance has expanded its presence in Japan through the acquisition of a local crypto firm, enabling the launch of a dedicated platform for Japanese residents.
Additionally, its joint venture in Thailand has successfully obtained licenses for digital exchange. However, in Australia, the company’s derivatives business permit has been canceled temporarily, pending a review of its local operations.
Board chairman of the Blockchain Association Singapore, Chia Hock Lai, noted,
Richard’s international experience and regulatory background, as well as global relationships, will be an asset to Binance as it seeks to navigate the complexities of the global regulatory landscape.
Shortly after assuming leadership in Asia, Richard Teng, who also oversees Europe, the Middle East, and North Africa, announced his expanded responsibilities on LinkedIn earlier this week. Prior to joining Binance, Teng held prominent positions in the traditional financial industry, including serving as the CEO of Abu Dhabi Global Market.
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