In summary
- Binance has designated SB Seker as head of Asia-Pacific on Monday, who brings more than 20 years of legal and regulatory experience.
- The hiring occurs weeks after Austrac ordered Binance Australia to undergo an independent audit, citing “serious concerns” about the controls against money laundering vulnerable to illicit money flows.
- Industry experts see the appointment as a compliance strategy reinforcement and a signal for regulators that Binance takes the satisfaction of APAC standards seriously.
Binance has appointed SB Seker compliance veteran as its new Asia-Pacific chief, since the world’s largest cryptographic exchange seeks to navigate the winds against regulatory in the region.
The appointment occurs only two weeks after Austrac ordered Binance’s Australian arm so that suffer independent auditciting “serious concerns” related to controls against money laundering that could expose the platform to illicit money flows.
Industry experts have seen the movement as strategic and timely, given the continuous challenges of compliance with the exchange in Australia.
James Volpe, founding director of the Web3 Education firm based in Melbourne, said Ucubed. Decipher that “the SB Seker fund positions it as someone that someone has constantly brought complex environments to strengthen regulatory and regulatory frameworks.”
“For Binance, the appointment reinforces its compliance strategy and at the same time points to the regulators and users that it is about complying with the standards in APAC,” he said.
Seker contributes more than 20 years of intersectoral experience, including roles as a litigant in Australia and central banking lawyer in the Singapore monetary authority.
More recently, he served as senior vice president at Crypto.com Group, supervising the global development of products and regulatory issues.
Last month, Austrac ordered Binance Australia to nomine external auditors after finding inadequate independent reviews and high staff rotation, with 18 remaining days to meet.
“Austrac’s movement is significant, sending a message that encryption exchanges must be maintained for the same standards of responsibility and compliance as traditional financial institutions, which establishes a precedent for a closer scrutiny throughout the industry,” Volpe explained.
Joni Pirovich, founder of the Australian crypto law firm B’das*l, said Decipher that “the appointment of an independent auditor is a serious but early step.”
She said that Austrac has “a variety of tools to deal with the auditor’s findings,” including the Binance address to remedy systems, compliance action, additional audits, impose registration restrictions and “in the worst case, suspend or revoke the record.”
“Seker’s hiring could mean that Binance recognizes the skills and experience necessary for the best cooperation with Austrac and the Auditor, and a better result,” Pirovich added.
In its new role, Seker will supervise regional operations and promote market adoption through APAC while strengthening commitment to policy formulators.
“I am really excited to join Binance to help shape a sustainable, innovative and compliant future for the digital asset ecosystem throughout the region,” Seker said in a statement on Sunday.
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