Binance's Asia-Pacific Head Departs Amidst Market Share Decline and Regulatory Pressures
According to Bloomberg's sources, Leon Foong, who served as the head of Binance Asia-Pacific, is leaving his position at the world's largest cryptocurrency exchange.
Foong was crucial in Binance's growth in South Korea, Thailand, and Japan. While an official announcement is pending, insiders have signaled his imminent departure.
Amid regulatory lawsuits and scrutiny in the United States and Europe, Binance has seen significant growth in Asia and the Middle East, making these regions key markets.
Foong's resignation coincides with this shift. Notably, China remains Binance's primary market, trailed by South Korea, Turkey, and Vietnam.
Following regulatory crackdowns in various countries due to alleged violations, Binance has witnessed key senior figures leaving the company.
Hillmann, Binance's Chief Strategy Officer, confirmed his departure in July 2023. Reports suggested he and two other executives left due to concerns about the CEO's handling of US DOJ investigations.
However, Hillmann clarified on social media that he's stepping aside due to the imminent birth of his second child. He expressed respect for CEO Changpeng Zhao and his leadership.
Departing with Hillmann were General Counsel Hon Ng and SVP for Compliance Steven Christie.
Notably, Kelvin Foong's resignation is part of this trend, but his tenure at Binance still needs to be determined.
No information is available about his entry and exit dates from the company.
Despite attempts for more insight, the Binance spokesperson chose not to elaborate further. Foong's presence on social media is minimal, and his LinkedIn profile is also inaccessible.
Binance Faces Regulatory Setbacks, Shifts Focus to Asia-Pacific and Middle East Amidst Global Challenges
Binance's operations in the US and Europe have been impacted by regulatory actions, prompting the exchange to focus on growth in the Asia-Pacific region and the Middle East.
However, its global crypto trading dominance has diminished due to regulatory concerns and the loss of banking partnerships, causing traders to explore alternative exchanges.
In March, the US Commodity Futures Trading Commission (CFTC) accused Binance and its founder, CZ Zhao, of violating derivatives laws and lacking sufficient compliance measures.
Binance disputed the charges, labeling the lawsuit "unexpected and disappointing."
Later in June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Zhao, alleging breaches of investor protection regulations, running unregistered exchanges, misrepresenting trading controls, and selling unregistered securities.
Binance's market share in spot crypto trading dropped from 63% in February to about 45% recently, attributed to regulatory challenges, heightened scrutiny, and negative sentiment in the bearish crypto market.
Yet, Binance maintains its position as the world's largest spot crypto exchange.
CEO CZ Zhao tweeted in August that Binance achieved over 150 million registered users.
Despite regulatory hurdles, Binance targets 200 million users in Asia-Pacific while exploring investments to enhance customer experience and protection.