Binance Recruits Compliance Expert for APAC Position in Response to Australia's Increased Regulatory Scrutiny
Binance Appoints SB Seker as Head of Asia-Pacific Amidst AUSTRAC Audit
Cryptocurrency exchange Binance has appointed SB Seker as its new Head of Asia-Pacific (APAC), a move that is seen as a reinforcement of its compliance strategy. This appointment comes two weeks after AUSTRAC, Australia's financial intelligence and regulatory agency, ordered Binance Australia to undergo an independent audit due to "serious concerns" about anti-money laundering controls vulnerable to illicit money flows.
SB Seker, who brings over 20 years of legal and regulatory experience, will oversee regional operations and drive market adoption across APAC. Most recently, he served as Senior Vice President at Crypto.com Group, overseeing global product development and regulatory matters. Before that, he held senior legal roles at Ant Group, Rothschild & Co., Amicorp Group, and the Monetary Authority of Singapore (MAS), with earlier experience as a litigator in Australia.
The hire of SB Seker could mean that Binance recognizes the skills and experience needed for best cooperation with AUSTRAC and the auditor. SB Seker expressed excitement to join Binance and help shape a sustainable, innovative, and compliant future for the digital-asset ecosystem across the region.
AUSTRAC has a range of tools to deal with findings from the auditor, including enforcement action and suspending or revoking registration. The deadline for Binance Australia to comply with AUSTRAC's order is within 18 days. The appointment of an independent auditor is a serious step, according to Joni Pirovich, a regulatory expert.
The move by AUSTRAC sets a precedent for closer scrutiny across the crypto industry, according to Volpe. The appointment of SB Seker is viewed as a signal to regulators that Binance is serious about meeting APAC standards. SB Seker's appointment is strategic and timely, given Binance's ongoing compliance challenges in Australia.
In his new role, SB Seker will also strengthen engagement with policymakers in the region. The audit ordered by AUSTRAC is a significant step, and the appointment of SB Seker is a positive move towards ensuring compliance and regulatory adherence for Binance in the APAC region.
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