Binance, a cryptocurrency exchange platform, is in discussion with Senior Singapore bourse executive and former Head of Abu Dhabi Global Market, Richard Teng for the role of Chief Executive Officer in the Asian Financial market.
It is reported that the cryptocurrency platform does not follow certain regulations unlike its adversaries such as Coinbase Global Inc. Binance's affiliates in Asia and Singapore are functioning on grace period, as their license required to indulge in digital payment token services is under review by the Monetary Authority of Singapore (MAS).
Further, Binance is facing inspection from regulators in countries including, the US, the UK, Japan and Thailand. The talks about appointment of a potential ex- regulator comes with Binance and its affiliated entities' scrutiny.
Binance founder and Chief Executive Officer Changpeng “CZ” Zhao, revealed that the crypto platform is headed toward setting up of numerous headquarters around the globe and appointments of regional heads.
Zhao further pointed out compliance experience as a prime requirement, while hiring regional heads. Talking about the appointment of regional heads, Chia Hock Lai, Co-Chairman of the Blockchain Association Singapore stated that the eligibility for the role of regional heads should be widened and not merely limited to a regulator. To pacify regulators in global financial hubs such as Singapore, a few other vitalities need attention such as, strong compliance record in digital token business, risk management, experience with travel-rule guidance etc,.
It is reported that Binance might hire Singapore Bourse executive, Teng as Chief Executive Officer for Asian Financial market. The crypto platform is in talks with other qualified candidates for the role as well, but their identity has not been revealed. Teng formerly headed the Global financial market in Abu Dhabi as Chief Executive Officer, for six years. He served SGX for seven years as Chief Regulatory Officer. In his roles as CRO, he worked closely with the Monetary Authority of Singapore (MAS) to uphold a fair, orderly and transparent market.
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