Binance Middle East Appoints CEO from Binance Singapore
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Richard Teng, who joined Binance Singapore as its chief executive officer 4 months ago, has taken on a new role as Binance Middle East and North Africa’s chief operating officer.
The move came after Binance Global, the world’s largest cryptocurrency exchange, announced an agreement with the Dubai World Trade Centre Authority to establish an international virtual asset ecosystem earlier this week./
Richard Teng, who led the Abu Dhabi Global Markets Financial Services Authority for six years, was key to helping Binance expand in Dubai. The company previously held discussions with regulators in the United Arab Emirates about a potential headquarters in the Gulf country.
“Binance deploys its staff globally depending on its strategic needs,” a company spokesperson said in confirming the move. Asked whether the crypto outfit had chosen Dubai as its new headquarters, the spokesperson said, “We are continuing to work with a variety of jurisdictions, including Dubai, as we continue to evolve our global footprint.”
Before the Abu Dhabi role, Teng spent seven years as Singapore Exchange Ltd.’s chief regulatory officer and another 13 years at the Monetary Authority of Singapore. In August, the Singaporean joined Binance to aid its efforts in his home city-state, where speculation was mounting that the firm was working to set up its first global headquarters after its 2017 inception in China.
Earlier this month, Binance’s Singaporean entity withdrew its application to provide local cryptocurrency services, citing “global strategic, commercial and development considerations.”
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