Binance, the world’s largest cryptocurrency exchange, has appointed Richard Teng as its head of global markets, excluding the United States. Teng will oversee the exchange’s operations and expansion in regions such as Asia, Europe and the Middle East.

Teng, who announced his promotion on his LinkedIn profile, joined Binance as CEO of Singapore in August 2021. He has more than 20 years of experience in the financial industry, having previously worked at the Singapore Exchange, the Abu Dhabi Global Market and the Monetary Authority of Singapore.

Teng will start his new role on Monday. He said he was excited to lead Binance’s global markets team and to support its vision of increasing financial inclusion and innovation through blockchain and crypto.

The appointment comes at a time when Binance has been facing regulatory scrutiny from U.S. authorities over compliance issues. The exchange has been under investigation by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered securities and derivatives to U.S. customers.

Binance has said it is committed to complying with local laws and regulations in every market it operates in. It has also hired former U.S. officials and regulators to bolster its compliance and legal teams.

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