According to sources cited by Bloomberg, Leon Foong, who had held the position of Binance’s Head for the Asia-Pacific region, is stepping down from his role at the world’s largest cryptocurrency exchange.
Foong played a pivotal role in Binance’s expansion in South Korea, Thailand, and Japan. Although an official announcement is still pending, insiders have hinted at his impending departure.
In the backdrop of regulatory legal battles and increased scrutiny in the United States and Europe, Binance has experienced substantial growth in Asia and the Middle East, cementing these regions as critical markets.
Foong’s resignation aligns with this shift in focus. Notably, China remains Binance’s primary market, followed closely by South Korea, Turkey, and Vietnam.
In the wake of regulatory crackdowns in several countries, driven by alleged violations, Binance has witnessed the departure of key senior executives. In July 2023, Binance’s Chief Strategy Officer, Hillmann, confirmed his exit. Reports suggest that he, along with two other executives, left the company due to concerns related to the CEO’s handling of investigations by the U.S. Department of Justice (DOJ).
However, Hillmann made it clear on social media that he’s stepping aside due to the impending arrival of his second child. In his announcement, he conveyed his profound respect for CEO Changpeng Zhao and commended his leadership.
Accompanying Hillmann in their departures were General Counsel Hon Ng and Senior Vice President for Compliance Steven Christie.
It’s worth noting that Kelvin Foong’s resignation falls in line with this ongoing trend, though the exact details of his tenure at Binance remain uncertain.
Information regarding his start and end dates at the company is currently unavailable.
Despite efforts to glean more insights, the Binance spokesperson has refrained from providing further details. Kelvin Foong maintains a minimal presence on social media, and his LinkedIn profile is also inaccessible.
“Binance Adapts Amidst Global Regulatory Challenges, Pivots Towards Asia-Pacific and Middle East Markets”
“Binance Adapts Amidst Regulatory Headwinds, Pivots Focus to Asia-Pacific and Middle East Markets”
Binance, once a dominant player in the US and European cryptocurrency markets, has encountered significant regulatory hurdles. In response, the exchange is now directing its growth efforts towards the Asia-Pacific region and the Middle East.
The global dominance of Binance in crypto trading has waned, primarily due to mounting regulatory concerns and the loss of key banking partnerships. As a result, many traders are actively seeking alternatives.
In March, the US Commodity Futures Trading Commission (CFTC) leveled accusations against Binance and its founder, CZ Zhao, citing violations of derivatives laws and insufficient compliance measures. Binance countered these charges, deeming the lawsuit “unexpected and disappointing.”
Subsequently, in June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Zhao. The suit alleged breaches of investor protection regulations, operation of unregistered exchanges, misrepresentation of trading controls, and the sale of unregistered securities.
Binance’s market share in spot crypto trading has declined from 63% in February to approximately 45%, a consequence of regulatory challenges, heightened scrutiny, and a generally negative sentiment in the bearish crypto market. Nevertheless, Binance maintains its position as the world’s largest spot crypto exchange.
In a tweet in August, CEO CZ Zhao announced that Binance had surpassed 150 million registered users. Despite the regulatory hurdles, Binance is now setting its sights on acquiring 200 million users in the Asia-Pacific region. Additionally, the company is exploring strategic investments to enhance the customer experience and strengthen user protection measures.
