FX.co ★ Binance in talks with Richard Teng for the post of Singapore CEO

Binance is reportedly in talks with former SGX chief Richard Teng to take charge of its business in Singapore.

Teng recently stepped down as head of Abu Dhabi Global Market, and according to his LinkedIn profile, has worked for 13 years in the Monetary Authority of Singapore (MAS).

But both Teng and Binance declined to comment on the issue.

Founded in 2017, Binance has quickly gained market share partly due to more aggressive actions and fewer rules than competitors such as Coinbase. Now, it is the world's largest cryptocurrency and derivatives exchange. However, in recent months, Binance has been the focus of regulatory scrutiny in countries such as the US, UK, Thailand and Japan.

At a recent press conference, Binance Founder and CEO Changpeng Zhao said the company will open multiple headquarters around the world, so it is looking for regional CEOs - and possibly a successor - with a track record of regulatory compliance.

Binance Asia Services, the Singapore arm of the company, is running for a grace period while MAS reviews its application for a license to provide digital payment token services. Last month, the regulator said it would contact the local Binance unit if necessary.

But Chia Hock Lai, co-chair of Blockchain Association Singapore, said Teng's potential appointment alone will not be enough to appease regulators in financial centers such as Singapore.

"There are other factors to consider, such as, but not limited to, having a strong track record of compliance in the digital token business and the ability to comply with travel regulations," Chia said. "Firms also need to have strong technology risk management systems", he added.