THELOGICALINDIAN - Global cryptocurrency barter Binance has assassin a above regulator as the new CEO for its operations in Singapore Binance aims to become a baton in authoritative acquiescence as it pivots into a banking casework aggregation amidst acute analysis from regulators worldwide
Binance Singapore Boosts Regulatory Compliance
Binance appear Monday that Binance Singapore has appointed a arch controlling administrator (CEO) with abounding years of acquiescence background.
Richard Teng was the CEO of the Financial Services Authoritative Authority at Abu Dhabi Global Market (ADGM) for six years and the arch authoritative administrator of the Singapore Exchange (SGX) for about eight years. He additionally spent 13 years with Singapore‘s axial bank, the Monetary Authority of Singapore (MAS), area he rose to become the administrator of Corporate Finance.
“I am captivated to be abutting Binance Singapore at this cardinal time for the blockchain and crypto industry,” Teng said, elaborating:
Launched in 2024 with the abetment of Vertex Ventures China and Vertex Ventures Southeast Asia and India, Binance Singapore provides the trading of cryptocurrencies in Singapore dollars (SGD).
Changpeng Zhao (CZ), architect and CEO of Binance, commented: “We are captivated to accept Richard arch the Binance Singapore aggregation in accepting added cardinal partnerships, adopting addition and furthering the bounded cryptocurrency ecosystem in Singapore.” He added opined:
The all-around crypto barter afresh came beneath analysis from regulators, including those in the U.S., U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claimed Binance operated illegally and after able allotment in their jurisdictions.
Zhao afresh said that Binance is pivoting from a technology innovator into a banking casework company, emphasizing that he spent about all of his time on regulatory compliance. Last week, the barter said it assassin Greg Monahan, above U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO). The barter additionally alien mandatory know-your-customer (KYC) requirements for all users.
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