Binance, a leading cryptocurrency exchange, has made a strategic move by appointing a new executive to oversee its operations in the Asia-Pacific (APAC) region. The appointment comes at a crucial time as Binance aims to enhance compliance, strengthen regulatory relationships, and drive business growth in one of its key markets.
SB Seker has been named as the new Head of APAC at Binance, as announced on September 1. Seker brings with him a wealth of experience in global legal and compliance, having previously served as Senior Vice President at Crypto.com. With a background in product development, legal strategy, and regulatory negotiations, Seker is well-equipped to lead Binance’s initiatives in the diverse APAC markets.
Prior to his role at Crypto.com, Seker held senior positions at various firms, focusing on compliance and financial law. His experience as a litigation lawyer in Australia and as a central banking lawyer at the Monetary Authority of Singapore (MAS) has prepared him well for his new role at Binance.
Binance CEO, Richard Teng, emphasized the significance of Seker’s appointment, stating that APAC has always been a key region for Binance. Teng believes that Seker’s extensive experience across the region will play a crucial role in driving the company’s growth and engagement in APAC.
In response to his appointment, Seker expressed his excitement in shaping a compliant future for the digital asset ecosystem in APAC. He highlighted the importance of collaboration with regulators, partners, and the community in driving strategic initiatives and ensuring robust operations across the region.
The decision to appoint Seker comes in the wake of regulatory challenges faced by Binance in APAC. In late August, AUSTRAC, the Australian regulatory authority, ordered a full-scale audit of Binance’s operations in Australia due to concerns over weak AML and CTF controls. The regulator pointed out deficiencies in compliance staff turnover, local resources, and senior leadership oversight, prompting the need for an independent audit.
While Binance has yet to provide an update on the audit, the appointment of Seker signals the exchange’s commitment to enhancing compliance and regulatory engagement in the region. By leveraging Seker’s expertise and experience, Binance aims to address regulatory concerns, strengthen oversight, and build a compliant framework for its operations in APAC.