only days later layoff reports on Binance This week, the world's largest crypto exchange tapped Richard Teng to lead all regional markets outside of the US.
This move is in stark contrast to Binance's outlook for the rest of its staff. The exchange told Blockworks this week that it is in the process of re-examining the employees in top positions and determining which products and business segments deserve the most resources.
Teng appears to be one person who has been welcomed as the company evaluates its employees, having been promoted to Head of Regional Markets effective Monday. He is a step up from his previous roles overseeing markets in Asia, Europe, the Middle East and North Africa, Bloomberg reports. reported.
In total, Teng has served in four previous roles at Binance, starting in August 2021 as CEO of its Singapore operations.
Prior to Binance, Teng had extensive experience working with financial regulators. He headed he held the Abu Dhabi Global Market Financial Services Regulatory Authority from 2015 to 2021. Prior to that, he was director of regulation for the Singapore Exchange Limited, a stock exchange and clearing house. In that role, he worked closely with "the Monetary Authority of Singapore (MAS) to maintain a fair, orderly and transparent market." according to his LinkedIn.
Teng's rapid rise through the ranks comes as Binance falls into the crosshairs of regulators around the world. In May, Binance received documents regarding a Canadian investigation into the exchange. alleged violation of Ontario securities laws. Two days later, Binance announced he was leaving canadaciting a hostile regulatory environment.
The US CFTC also sued Binance and CEO Changpeng Zhao in late March, alleging that the executive and his company violated trading and derivatives laws. Notably, the CFTC said bitcoin and ether were commodities in his complaint, contradicting the The SEC's lack of clarity on the debate on commodity safety.
Nansen lays off 30% of its staff
On-chain information provider Nansen announced on May 30 that they were reducing their team by 30%. Forbes reported that 43 employees lost their jobs.
Alex Svanevik, Nansen's co-founder and CEO, issued a statement on Twitter explaining the reasons why the job cuts had to be made. In his tweet, he blamed the layoffs on two things: hiring too quickly during Nansen's early years and the cryptocurrency crisis. Svanevik said he took "full responsibility" as chief executive.
โWe expanded the team thanks to the rapid growth of our first years of operation. We wanted to invest and build in a difficult market when others needed to scale down. This organic growth led to the organization taking on a surface area that is really not part of Nansen's core strategy,โ Svanevik said.
He continued: โOur cost base is too high relative to where the company is today. We have several years of experience, but our priority is to build a sustainable businessโ.
Other notable hires
- The author of "The Bitcoin Standard", Saifedean Ammous, is Union The National Bitcoin Office of El Salvador as economic advisor.
- Crypto venture firm Electric Capital fixed Ken Deeter and Maria Shen as general partners on Friday.
- Unicoin invited Pilar Manchรณn, Senior Director of AI Research Strategy at Google, to join its board of directors.
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