Binance Appoints Compliance Expert for APAC Position Amidst Increased Scrutiny from Australian Authorities

Cryptocurrency exchange Binance has appointed SB Seker as the Head of Asia-Pacific, a move that industry experts view as a reinforcement of the company's compliance strategy. This appointment comes two weeks after Australia's financial intelligence agency, AUSTRAC, ordered Binance Australia to undergo an independent audit due to "serious concerns" about anti-money laundering controls vulnerable to illicit money flows.

SB Seker, with over 20 years of legal and regulatory experience, will oversee regional operations and drive market adoption across APAC while strengthening engagement with policymakers. In his new role, he aims to help shape a sustainable, innovative, and compliant future for the digital-asset ecosystem across the region.

Most recently, SB Seker served as Senior Vice President at Crypto.com Group, overseeing global product development and regulatory matters. Prior to that, he held senior legal roles at Ant Group, Rothschild & Co., Amicorp Group, worked as a litigator in Australia, and served as a lawyer at the Monetary Authority of Singapore.

The appointment of SB Seker is seen as a signal to regulators and users that Binance is serious about meeting standards in APAC. Joni Pirovich, founder of Australian crypto specialist law firm b'das*l, stated that the appointment of an independent auditor is a serious but early step. Pirovich believes that the appointment of SB Seker could lead to a best-case outcome.

AUSTRAC has ordered Binance Australia to nominate external auditors within 18 days. The order was due to inadequate independent reviews and high staff turnover at Binance Australia. AUSTRAC has a range of tools to deal with findings from the auditor, including directing Binance to remedy systems, enforcement action, further audits, imposing registration restrictions, and suspending or revoking the registration.

James Volpe, founding director of Melbourne-based Web3 education firm uCubed, believes that SB Seker's appointment reinforces Binance's compliance strategy. Volpe further explains that this move sets a precedent for closer scrutiny across the crypto industry. Pirovich echoes this sentiment, stating that AUSTRAC's move sends a message that crypto exchanges must be held to the same standards of responsibility and compliance as traditional financial institutions.

In conclusion, Binance's appointment of SB Seker as Head of Asia-Pacific is a significant step towards reinforcing the company's compliance strategy. The hire of Seker, who brings extensive legal and regulatory experience to the table, could mean that Binance recognizes the skills and experience needed for best cooperation with AUSTRAC and the auditor. The coming weeks will likely see Binance working closely with the auditor to address the concerns raised by AUSTRAC and ensure compliance with anti-money laundering regulations.