Binance Asia-Pacific’s head Leon Foong is leaving the world’s largest crypto exchange, according to people familiar with the matter.
(Bloomberg) — Binance Asia-Pacific’s head Leon Foong is leaving the world’s largest crypto exchange, according to people familiar with the matter.
Foong, who led Binance’s expansion into markets like South Korea, Thailand and Japan, has resigned, one of the people said, asking not to be named because the move hasn’t been publicly announced.
His resignation follows senior departures in recent months including chief strategy officer Patrick Hillman and general counsel Hon Ng, after regulators from the US to Australia clamped down on the exchange over a range of alleged transgressions.
Read More: Binance Executives Exit as Regulatory Heat on Exchange Grows
A spokesperson for Binance had no comment. Foong didn’t immediately respond to a request for comment.
With Binance’s business in the US and Europe curtailed by regulatory scrutiny, Asia and the Middle East have become crucial growth markets for the company. Binance’s dominant share of global crypto trading has fallen this year as the crackdown, along with the loss of some banking partners, prompted some customers to shift to rival exchanges.
The US Commodity Futures Trading Commission in late March sued Binance and billionaire founder Changpeng ‘CZ’ Zhao for allegedly violating derivatives regulations and accused the firm of having “sham” compliance procedures. Binance has called the lawsuit “unexpected and disappointing.”
Binance suffered another blow when the US Securities and Exchange Commission filed a lawsuit against the firm and Zhao in June, alleging that it flouted investor protection rules by operating unregistered exchanges, misrepresenting trading controls and selling unregistered securities, among other violations.
The company has contested the SEC’s and CTFC’s allegations.
Binance is also being investigated by French authorities for the alleged illegal provision of digital-asset services and acts of aggravated money laundering, and has exited the Netherlands after failing to register with country’s financial authorities. Other markets where Binance has run into regulatory hurdles include Canada and Australia.
Read an interview with Foong on Binance’s audit
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