Binance names Teng as head of regional markets outside US

FILE PHOTO: Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Picture taken March 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

(Reuters) - Binance has appointed Richard Teng to head its regional markets outside the United States, at a time when the world's largest cryptocurrency exchange has been facing scrutiny from U.S. regulators over compliance issues.

Teng, who revealed his promotion on his LinkedIn profile, is already heading regions like Asia, Europe and the Middle East. He joined Binance as CEO of Singapore in August 2021.

Teng will begin his new role on Monday.

The development comes at a time when Binance has been under fire for non-compliance issues from U.S. authorities, while it has faced pressure in other countries as well.

It withdrew from Canada earlier this month as the country set tight regulations for crypto asset trading platforms, while Australia cancelled the company's financial services license last month amid a regulatory probe.

Before joining Binance, Teng held positions in various financial institutions such as Singapore Exchange Ltd, Monetary Authority of Singapore and Abu Dhabi Global Market.

(Reporting by Priyamvada C in Bengaluru; Editing by Savio D'Souza)

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