<

Binance appointed the new CEO for Singapore’s operations while BNB price surpassed $500 as CZ shilled on Twitter

In a press release, Binance announced the appointment of Richard Teng, the former chief regulatory officer of the Singapore Exchange (SGX), as the new CEO to head the exchange’s operations in Singapore.

binance-appointed-the-new-ceo-for-singapores-operations

Richard Teng, former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), as the new Chief Executive Officer (CEO)

Binance has hired Richard Teng to head the exchange’s operations in Singapore

It is known that Teng previously served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He also worked at the Monetary Authority of Singapore for over a decade.

Commenting on his appointment, Teng noted that amid the rising crypto and blockchain adoption, players in the industry need to focus more on the regulatory side by working with policymakers.

“We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions, and governments,” Teng said in a statement. “We seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth.”

Elsewhere, the exchange CEO Changpeng Zhao (CZ) stated that Teng’s appointment would help the exchange secure partnerships and foster innovation.

Through Binance Singapore, investors can trade Bitcoin, Ethereum, and Binance Coin (BNB). The platform, founded in 2019, offers deposit and withdrawal functionality in Singapore dollars through Xfers Direct.

The appointment follows Binance’s increased focus on aligning with regulatory requirements globally. Recently, the exchange has come under fire from regulators over claims of aiding money laundering and harboring crypto scammers.

Meanwhile, not too long ago, CZ shilled BNB on Twitter.

Following this tweet, BNB’s price has increased by almost 10% in the past 24 hours, recording an increase of 18% in the past seven days.

binance-appointed-the-new-ceo-for-singapores-operations

BTC/USD 4-hour chart | Source: TradingView

At the time of writing, BNB is changing hands at $502.

Some sources claim that the exchange is considering obtaining investment and protection from government funds at a valuation of $200 billion. Singapore is one of the most likely options. Vertex Ventures, a subsidiary of Singapore’s sovereign fund Temasek, has invested in Binance Singapore. It seems logical to invest in Binance Global now. The premise is that the government is willing to take risks.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS