Binance Gets New APAC Head to Oversee Regulatory Engagement

Crypto exchange giant Binance has appointed former Crypto.com Senior VP, SB Seker, to head Binance’s APAC operations.

Announced on Monday, Seker will work “to strengthen engagement with policymakers and regulators.” He would be responsible for driving the firm’s strategic initiatives across the region.

“As Binance continues to shape the future of crypto, Seker’s expertise will help Binance strengthen its partnerships, navigate the evolving regulatory landscape, and deliver sustainable growth that prioritizes transparency and user protection.”

Richard Teng, CEO of Binance, eyes the Asia Pacific as a “key region” for the company’s expansion, given the rapidly evolving pro-crypto initiatives to keep pace with the US.

“Seker’s deep-rooted experience across its diverse markets makes him uniquely positioned to lead the company’s next phase of regional growth and engagement,” Teng noted.

New Binance Asia Head Has 20 Years of Fintech Experience

Seker has more than 20 years of experience in the public sector, fintech, and blockchain industry. He spearheaded global product development, along with legal and regulatory matters for APAC at Crypto.com.

He was also a senior legal executive for Ant Group and Amicorp Group. Prior to exploring the blockchain space, Seker worked as a litigator in Australia and later served as a central banking lawyer at the Monetary Authority of Singapore.

In his new capacity, Seker is expected to focus on fostering sustainable, responsible growth, alongside upholding compliance with APAC regulators.

“By working closely with regulators, partners, and our broad community, I look forward to driving strategic initiatives and delivering robust operations throughout the region,” said Seker.

Binance is Upping its Regulatory Game in APAC

Binance faced several legal and financial hurdles in 2023, including settling allegations of regulatory violations with the SEC. As reported earlier, the world’s largest crypto exchange agreed to pay $4.3 billion in fines.

Besides, the firm’s founder, Changpeng Zhao, resigned as CEO and pleaded guilty to related charges. He served a four-month prison sentence in the US.

Further, Binance faces restrictions and bans in several countries over AML regulations. Recently, AUSTRAC identified “serious concerns” with Binance’s anti-money laundering (AML) and counter-terrorism financing controls. The regulator directed Binance Australia to appoint an external auditor.

Despite regulatory challenges, the firm has maintained its dominant status in the industry.

The exchange’s expansion into the APAC region comes at a time when Asia accounts for 60% of worldwide crypto users. The region contributes the largest share of global liquidity, per a study by Foresight Ventures and Primitive Ventures.

Additionally, Asian jurisdictions such as Vietnam, Singapore, and Thailand are demonstrating positive steps toward building a comprehensive legal framework for the crypto sector.