In short
- Binance has appointed SB Seker as head of Asia-Pacific on Monday, which entails legal and regulatory experience for more than 20 years.
- The recruitment comes weeks after Austrac Binance Australia was instructed to undergo an independent audit, with reference to “serious worries” about anti-money laundering practices that are vulnerable to illegal money flows.
- Industry experts regard the appointment as a reinforcement of the compliance strategy and a signal for supervisors that Binance is serious about complying with APAC standards.
Binance has appointed compliance veteran SB Seker as his new head of Asia-Pacific, because the world’s largest crypto exchange tries to navigate for the headwind of the regulatory authorities in the region.
The appointment comes only two weeks after the Australian arm from Austral Binance undergo an independent auditWith reference to “serious worries” with regard to anti-money laundering controls that can expose the platform to illegal money flows.
Industry experts have seen the move both strategically and on time, given the continuous compliance challenges of the exchange in Australia.
James Volpe, founder of the Melbourne-based web3 education company Ucubed, said Decrypt That “SB Seker’s background positions him if someone has consistently brought into complex environments to strengthen compliance and legal frameworks.”
“For Binance, the appointment strengthens its compliance strategy, while also indicating to regulators and users that it is serious to meet the standards in APAC,” he said.
Seker brings cross-sector experience for more than 20 years, including roles as a procedator in Australia and a central bank lawyer at the monetary authority of Singapore.
He recently served as a senior vice president at Crypto.com Group, who supervised global product development and regulatory matters.
Last month, Austrac Binance Australia ordered to nominate external auditors after finding insufficiently independent assessments and a high staff turnover, with 18 days to satisfy.
“The step of Austrac is important and sends a message that crypto exchanges must be held on the same standards of responsibility and compliance as traditional financial institutions, which sets a precedent for closer control in industry,” Volpe explained.
Joni Pirovich, founder of Australian Crypto Specialist Law firm B’das*L, said Decrypt That “the appointment of an independent auditor is a serious but early step.”
She said that Austrac has a series of tools to deal with the auditor’s findings, including the leading of Binance to impose systems, enforcement actions, further audits, registration restrictions, and “in the worst case, to suspend or withdraw the registration.”
“The rent of Seker can very well mean that Binance recognizes the skills and experience that are needed for the best collaboration with Austrac and the auditor, and a best-case outcome,” Pirovich added.
In his new role, Seker will supervise the regional activities and stimulate the market adoption in APAC and at the same time strengthen involvement in policy makers.
“I am really pleased to become a member of Binance to shape a sustainable, innovative and conforming future for the digital asset ecosystem in the region,” said Seker in a statement on Sunday.
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