May 29 (Reuters) – Binance has appointed Richard Teng to lead its regional markets outside the United States, at a time when the world’s largest cryptocurrency exchange is under scrutiny from US regulators over compliance issues.
Teng, who revealed his promotion on his LinkedIn profile, already leads regions such as Asia, Europe and the Middle East. He joined Binance in August 2021 as CEO of Singapore.
Teng will start his new role on Monday.
The development comes at a time when Binance is under fire for non-compliance issues from US authorities, while also under pressure in other countries.
It pulled out of Canada earlier this month as the country imposed strict regulations on crypto asset trading platforms, while Australia last month canceled the company’s financial services license amid a regulatory investigation.
Prior to joining Binance, Teng held positions at various financial institutions such as Singapore Exchange Ltd, Monetary Authority of Singapore and Abu Dhabi Global Market.
Reporting by Priyamvada C in Bengaluru; Edited by Savio D’Souza