Binance Appoints Richard Teng As Regional Market Supervisor Outside The US

The leading crypto exchange, Binance. (Photo; Doc. Unsplash)

JAKARTA In the midst of intense scrutiny from US regulators, the world's largest crypto exchange, Binance, officially appointed Richard Teng to occupy regional financial market supervisory positions outside the US.

Teng announced its new position on LinkedIn. Previously, Richard Teng had joined Binance in August 2021. Teng was appointed to the non-US market watchdog when Binance faced pressure from the financial watchdog Commodity Trading Futures Commission (CFTC).

The strict rules for crypto exchange in a number of countries forced Binance to withdraw from Canada in early May. Not only that, Australia canceled Binance's financial services licensing last month according to a Coingape report.

Prior to his new position, Richard Teng had worked in a number of financial institutions including the Singapore Exchange, the Monetary Authority of Singapore, and the Abu Dhabi Global Market.

CFTC accused Binance of allowing and facilitating illegal trade carried out by people in the US. Then the US Department of Justice (DOJ) also investigated the Binance.US crypto exchange which allegedly facilitated money laundering following reports from Reuters.

However, Binance founder Changpeng Zhao denied the allegations. He assessed that Binance had increased its compliance abroad to reduce its dependence on the American crypto market.