Binance Hired Richard Teng as Singapore CEO

August 23, 2021


Binance has recruited the previous CEO of Abu Dhabi’s monetary guard dog, Richard Teng, to head the trade’s operations in Singapore, the organization said in a public statement on Monday. Teng had apparently been in chats with the trade’s Singapore subsidiary business to join as ahead of schedule as last week.

The move can be seen as a chance to stretch out beyond the regulatory curve which has been a reason for consternation for the trade lately.

Binance Singapore offers Singapore residents and residents trading pairs for Ethereum (ETH), Bitcoin (BTC), and Binance coin. The stage gives SGD deposit and withdrawal usefulness by means of Xfers Direct, as indicated by an official statement on Monday.

Crypto trade Binance suspended the trading of futures contracts on its Brazilian stage on Friday to consent to neighborhood guidelines. Brazilian customers can in any case exchange options, futures, margin products, and leveraged tokens, as long as they access the products through the English site, yet Binance has quit showcasing its derivatives products. The news was first revealed by Brazilian crypto media outlet Portal do Bitcoin.

Brazil’s National Securities Commission (CVM) had requested that Binance suspend futures in July 2020, in light of the fact that the trade was working with no approval, Brazilian crypto media site Livecoins announced. Binance has fixed its know-your-customer necessities worldwide after regulators in various nations reported investigations into the organization.

Brazil is moving to regulate cryptographic forms of money all the more intently. At an online occasion hung on Thursday, Brazilian Central Bank President Roberto Campos Neto said that the central bank and CVM are examining the guideline of cryptographic forms of money.

During the occasion, which was advanced by the Council of the Americas, Campos Neto said that in developing business sectors bitcoin (BTC) and ether (ETH) are more investigated as investments than as payments.

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