Binance Appoints New APAC Head Amid Regulatory Challenges

Binance has officially named SB Seker as the new head of its operations in the Asia-Pacific (APAC) region. This appointment comes as the exchange aims to enhance its compliance and regulatory relationships in response to local scrutiny and challenges.

Key Takeaways

New Appointment: SB Seker takes on the role of Head of APAC operations for Binance.
Experience: Seker has over 20 years in legal and compliance roles within the financial sector.
Regulatory Focus: The appointment aims to bolster compliance and improve relations with regulators after recent scrutiny.
Challenges: Binance has faced significant regulatory hurdles regarding compliance and anti-money laundering issues.

Binance names new APAC head amid regional regulatory scrutiny

Main Content

Binance has recently appointed a new executive to take charge of its Asia-Pacific operations in a bid to strengthen regulatory oversight and improve relationships in a crucial market. On September 1, Binance announced the selection of SB Seker as the new Head of APAC operations, a role that involves developing compliance strategies, communicating with regulators, and driving business growth across the region.

Seker comes to Binance with over 20 years of experience in legal and compliance roles on a global scale. Previously, he served as Senior Vice President at Crypto.com, where he led product development, legal strategies, and regulatory discussions across the APAC and MENASA regions. His career also includes senior positions with various firms, emphasizing compliance and financial law, alongside his earlier work as a litigation lawyer in Australia and as a central banking lawyer with the Monetary Authority of Singapore (MAS).

Binance CEO Richard Teng highlighted the significance of this appointment, stating, “APAC has always been a key region for Binance, and 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.”

In his own words, Seker expressed enthusiasm about contributing to a compliant future for the digital asset ecosystem in APAC. “By working closely with regulators, partners, and our broad community, I look forward to driving strategic initiatives and delivering robust operations throughout the region,” he noted.

The decision to name Seker reflects Binance’s proactive strategy to reassure regional regulators. The exchange has encountered challenges related to compliance, particularly regarding its anti-money laundering (AML) practices and adherence to local governance standards.

In late August, the Australian Transaction Reports and Analysis Centre (AUSTRAC) mandated a comprehensive audit for Binance’s local operations. The regulator raised alarms about shortcomings in its AML and counter-terrorism financing (CTF) controls, indicating that previous independent reviews by the exchange were insufficient for its operational scale.

Moreover, AUSTRAC pointed out critical issues such as high turnover among compliance staff, a lack of sufficient local resources, and inadequate oversight from senior leadership—all regarded as unacceptable risks for a company of Binance's profile.

Binance Australia was given 28 days to propose a panel of external auditors from which AUSTRAC will select. Once confirmed, this audit will delve deeply into Binance’s policies, procedures, and systems, supplying direct feedback to AUSTRAC.

While the exchange has not yet issued an update on the progress of the audit, the appointment of SB Seker signals Binance’s commitment to enhancing its compliance measures and improving regulatory engagement in the region.