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Binance’s Head of APAC Resigns Amidst Regulatory Turmoil

by BSCN

August 31, 2023

The reported departure of APAC Head, Leon Foong, could constitute a serious blow to the world’s largest cryptocurrency exchange, as it battles against multiple regulators

Binance, the world’s largest cryptocurrency exchange, has seen their Head of Asia-Pacific, Leon Foong, resign from the company, as regulatory scrutiny intensifies surrounding the world’s largest cryptocurrency exchange.

The news has been fed to the media by “people familiar with the matter” according to Bloomberg, though Foong’s departure has yet to be formally announced. It has further been reported that Foong led Binance’s expansion initiatives into key geographies such as Japan, Thailand, and South Korea.

Binance’s Regulatory Saga

Despite the scale of Binance’s worldwide operations, regulators have not been shy when it comes to criticizing and pursuing legal action against Binance and its founder, CZ.

In June, the US Securities and Exchange Commission put forward a lawsuit against the exchange, alleging that the company had committed a number of offences including the sale of unregistered securities. In response, August saw Binance seek a protective court order against the SEC, claiming that information requests had been “over broad” and “unduly burdensome”.

In most recent news, the SEC has filed a sealed motion to bring undisclosed documents against Binance in the ongoing saga.

Disclaimer

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