Cryptocurrency exchange Binance is in talks with Richard Teng, the former Chief Regulatory Officer of the Singapore Exchange (SGX), about leading the Asian arm of the trading platform, Bloomberg has learned, citing people familiar with the matter.
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However, Teng is not the only candidate for the role as Binance has also approached other executives about the position. As of press time, Binance has not made official announcement on the matter.
Prior to SGX, Teng was the Director of Corporate Finance at the Monetary Authority of Singapore, where he was responsible for the formulation and administration of the Securities and Futures Act in relation to the offering of securities and business.
The move comes after the UK Financial Conduct Authority (FCA) banned Binance's UK subsidiary from any regulated activity without prior written approval from the regulator. In the warning, the regulator noted that Binance Markets Limited is part of the Binance Group.
Later, the Cayman Islands Monetary Authority (CIMA) followed the FCA's warning and declared that the exchange and its associated companies are not registered in the jurisdiction. Shortly after, the Monetary Authority of Singapore (MAS) said it will monitor the subsidiary of local exchange Binance Asia Services Pte.
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