Binance appoints "veteran" compliance officer to weather legal storm in Australia

Binance has just appointed SB Seker as the Regional Director for Asia-Pacific (#APAC ), amidst the backdrop that its Australian branch has only 18 days left to comply with an independent audit order from AUSTRAC due to concerns about gaps in anti-money laundering controls.

Seker has over 20 years of legal and risk management experience, having previously served as a lawyer at the Monetary Authority of Singapore (MAS) and held the position of Senior Vice President at Crypto.com. Experts believe this move is both strategic and a message to regulators that Binance is serious about meeting standards in APAC.

Previously, AUSTRAC warned that #Binance Australia is at risk of being exploited by illicit flows and requires an independent audit. If the results are unsatisfactory, Binance could face a series of severe measures, ranging from system restructuring, registration restrictions, to the worst-case scenario of license revocation.

According to analysts, bringing Seker into the regional leadership position shows that Binance is preparing for the "best-case scenario," increasing cooperation with AUSTRAC to avoid the risk of tightening regulations. At the same time, this is also a step to strengthen user and investor confidence that the world's number one exchange is determined to pursue a transparent – sustainable – compliant future on a global scale. #anh_ba_cong