Binance Singapore today announced Richard Teng appointment as its new Chief Executive Officer (CEO).
Teng has extensive financial industry experience. Teng played a crucial role in making sure that the Abu Dhabi Global Market (ADGM) was internationally recognized by regulators and industry bodies. Forbes calls him “one of the most innovative regulators in the world.”
This announcement comes only a week after Greg Monahan, a former US Treasury Department Crime Investigator, was appointed as the Global Money Laundering Reporting Officer (GMLRO). The move is intended to address Binance ongoing money laundering issues.
Binance Taps Former SGX Chief Regulatory Officer As Singapore CEO https://t.co/ENAjghmb72
— CZ 🔶 Binance (@cz_binance) August 23, 2021
After Regulatory issues, Binance stops futures trading for Brazil customers.
To comply with Brazilian regulations, Binance decided to suspend futures trading services from Friday on its Brazilian platform.
Binance has introduces mandatory Know your customer (KYC) policy for all new users.
Binance states that new users must undergo Intermediate KYC verification before they can access Binance services.
Binance claims that the changes are intended to improve user protection and fight financial crime.
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.”