(Bloomberg) -- 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.

“We are witnessing rapid mainstream adoption of the blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions and governments,” Teng said in a statement. “We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth.”

Binance, which was founded in 2017 and expanded quickly in an environment with few regulations, has come under scrutiny in recent months from officials in countries ranging from the U.S. and U.K. to Thailand, Malaysia and Japan. Singapore regulators early last month said that “we are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate.” 

Grace Period 

Binance Asia Services Pte. has a grace period during which it can operate in Singapore while the MAS reviews its application for a license to provide digital payment token services. Binance Singapore offers citizens and residents of the city-state trading pairs for Bitcoin, Ether and Binance Coin. The platform, which was founded in 2019, provides Singapore dollar deposit and withdrawal functionality via Xfers Direct.

“We are delighted to have Richard leading the Binance Singapore team in securing more strategic partnerships, fostering innovation and furthering the local cryptocurrency ecosystem in Singapore,” said Binance CEO Changpeng “CZ” Zhao in the statement.

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