Binance eyes five new Asia licenses as crypto adoption accelerates in APAC
Binance’s regional head has confirmed that the exchange is expecting five additional licenses across Asia this year.
- Binance expects to secure five additional licenses across Asia this year, which would expand its regulatory presence to more than 20 jurisdictions worldwide.
- The exchange is prioritizing Asia Pacific expansion as the region leads global crypto adoption.
- Binance is also addressing scrutiny in the United States after reports linked about $1.7 billion in transactions to Iranian entities.
Speaking to Nikkei Asia, SB Seker, Binance’s head of Asia-Pacific, who joined the company last year, said the exchange is planning to secure five more licenses in the region but fell short of specifying which markets the world’s largest cryptocurrency exchange would enter.
Binance currently holds licenses in India, Indonesia, Japan, New Zealand, Thailand, and Australia, and securing these additional licenses would place the exchange in over 20 licensed jurisdictions globally.
Seker said some of the licensing efforts are “very close” to being finalized, while in other markets, talks are being held with local authorities about the company’s business models and how it can comply with local requirements.
Binance is looking to solidify its presence across Asian markets mainly because the APAC region has witnessed significant growth and has emerged as the fastest-growing region in terms of crypto adoption. Last year, Coin Insider Daily reported that APAC outpaced U.S. and Europe in terms of retail crypto trading,
“We have strong growth from all over the world, but APAC is still leading the pack,” Seker said.
Binance will also look to re-enter Singapore, where it withdrew its retail services back in 2021, according to Seker. The company still operates institutional services in the region.
Binance under scrutiny over sanctions violation
The exchange is currently navigating allegations tied to recent U.S. media reports claiming that roughly $1.7 billion in crypto flowed to Iranian entities with links to terrorist groups.
Last month, U.S. Senator Richard Blumenthal began a formal inquiry into the matter.
Binance, in the meantime, has said it has cut direct exposure to sanctioned markets by over 97%.
Regarding the allegations, Seker said they “are not substantiated” and stressed that Binance’s compliance team and strict know-your-customer procedures remain at the helm.
“We have built out our compliance team in the last couple of years so that they are the most dominant team in the company. We are far in excess, I think, of any other crypto company in this space,” he said.
“We’re confident of dealing with these allegations.”
