Binance’s regional head confirmed that the exchange is expecting five additional licenses across Asia this year.
Conclusion
- Binance expects to secure five additional licenses across Asia this year, expanding 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 under scrutiny after reports of nearly $1.7 billion in transactions with Iranian entities in the United States.
Speaking to Nikkei Asia, SB Seker, head of Binance’s Asia-Pacific region, who joined the company last year, said the exchange plans to secure five more licenses in the region, but has failed to decide which markets the world’s largest cryptocurrency exchange will enter.
Binance currently holds licenses in India, Indonesia, Japan, New Zealand, Thailand, and Australia, and securing these additional licenses places the exchange in more than 20 licensed jurisdictions worldwide.
Secker said some of the licensing efforts are “very close” to completion, while in other markets discussions are ongoing with local authorities about the company’s business models and how it can fit local needs.
Binance wants to strengthen its presence in the 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, crypto.news reported that APAC surpassed the US and Europe in terms of crypto retail sales.
“We have strong growth from all over the world, but APAC is still leading the pack,” Secker said.
Binance is also looking to re-enter Singapore, where it has withdrawn its retail services, in 2021, Secker said. The company still has institutional services in the region.
The exchange is currently following up on allegations related to recent US media reports that claim that around $1.7 billion in crypto has flown to Iranian organizations with ties to terrorist groups.
Last month, US Senator Richard Blumenthal launched an official investigation into the matter.
Meanwhile, Binance said it has reduced direct exposure to sanctioned markets by more than 97%.
Regarding the allegations, Secker said they are “not substantiated” and stressed that Binance’s compliance team and strict customer due diligence procedures remain on track.
“We’ve built our compliance team over the last two years to be the most dominant team in the company. I think we’re far superior to any other crypto company in this space,” he said.
“We are confident that we will fight these charges.”
