NewsletterBinance Appoints New Head For Regional Markets Amid Regulatory Scrutiny
The world’s largest crypto exchange by trading volume, Binance, has appointed Richard Teng to oversee its all regional markets outside the United States. Binance has been facing regulatory scrutiny from the US regulators for some time now.
Richard Teng, who joined Binance as CEO of Singapore in August 2021, revealed his new position on LinkedIn.
Binance continues to face regulatory scrutiny
Binance has made this change when it has been under constant scrutiny for non-compliance issues from the U.S.regulators, while it has faced pressure in other countries as well. The crypto exchange withdrew from Canada earlier this month as the country set tight regulations for crypto trading platforms, while Australia canceled the exchange’s financial services license last month amid a regulatory probe.
Prior to joining Binance, Teng worked in various financial institutions such as Singapore Exchange Ltd, Monetary Authority of Singapore and Abu Dhabi Global Market.
CFTC lawsuit could haunt exchange for a long time
Binance is currently facing severe accusations from the US Commodity Futures Trading Commission, including allowing and facilitating the illegal trading of crypto derivatives by people in the US. Binance.US is also being investigated by the US DoJ for allegedly facilitating money laundering as per a Reuters report last year. However, the crypto exchnage led by CZ has been denying all these accusations vigrously and dismissing them as “FUD.” The exchange will have to fight out CFTC in a long battle to save its reputation. CZ-led exchange is boosting its compliance efforts outside the US at a higher speed to lessen its dependency on the US market.
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