Binance’s Expansion in Asia-Pacific
SB Seker, who leads Binance’s operations in the Asia-Pacific region, revealed in an interview with Nikkei Asia that the cryptocurrency exchange is on track to obtain five new licenses across Asia within this calendar year. While he did not disclose specific countries, these additional licenses would enhance Binance’s licensing portfolio to over 20 jurisdictions worldwide. Currently, the exchange is authorized to operate in several countries including India, Indonesia, Japan, New Zealand, Thailand, and Australia.
Seker noted that discussions are ongoing with local regulatory authorities about Binance’s business models and compliance strategies in various markets, indicating that some of these licensing processes are nearly complete.
Growth in Cryptocurrency Adoption
The push for expansion in Asia is primarily driven by the region’s rapid growth in cryptocurrency adoption, with APAC having outpaced both the United States and Europe in retail crypto trading activity, according to a report from crypto.news last year. Seker emphasized that while global growth continues, APAC is at the forefront of this expansion, stating,
“We have strong growth from all over the world, but APAC is still leading the pack.”
Additionally, Binance plans to re-establish its retail services in Singapore, having previously scaled back operations there in 2021. The platform continues to provide institutional services in the country.
Regulatory Scrutiny in the United States
In the United States, Binance is currently facing scrutiny over allegations that approximately $1.7 billion in cryptocurrency was transferred to Iranian groups with terrorist links. In response to these claims, U.S. Senator Richard Blumenthal has initiated an official investigation. Binance, for its part, has asserted that it has significantly reduced its exposure to sanctioned markets by over 97%.
Seker defended the exchange against the allegations, asserting that they are unsubstantiated and highlighting the robustness of Binance’s compliance measures and its rigorous know-your-customer (KYC) processes.
“We have built out our compliance team in the last couple of years so that they are the most dominant team in the company. We are far in excess, I think, of any other crypto company in this space,”
he stated confidently, assuring stakeholders of their commitment to maintain regulatory adherence.
