Binance Singapore, the local affiliate of the world’s largest cryptocurrency exchange, named former Singapore Exchange Ltd. executive Richard Teng as chief executive officer.

The announcement confirms a Bloomberg News report last week that said Teng was in line for the role as parent Binance Holdings pivots to a more compliance-oriented outlook and Binance Singapore seeks local licenses. 

Teng was previously CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market and prior to that was chief regulatory officer at SGX. He also spent 13 years at the Monetary Authority of Singapore.

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