The crypto industry moves toward mainstream adoption, and Binance bets big on the Asia-Pacific region. This region represents nearly 40% of global trading volume and contributes up to 70% of digital asset adoption growth worldwide.
In an exclusive interview with BeInCrypto, SB Seker outlined the exchange’s strategy for navigating the region’s fragmented regulatory landscape. Seker serves as Binance’s newly appointed Head of APAC and pursues aggressive growth ambitions.
Binance APAC Head SB Seker on Regional Growth and Regulatory StrategySponsored
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Seker, who joined Binance two months ago, brings a unique blend of regulatory expertise and private sector experience. The former litigator and central banking lawyer at Singapore’s Monetary Authority previously served as Senior Vice President at Crypto.com. His legal background prioritizes long-term sustainable growth over short-term gains, focusing on building infrastructure to bring the next billion users into crypto through security, compliance, privacy, and education.
APAC represents nearly 40% of global crypto trading volume and contributes 65-70% of digital asset adoption growth worldwide. What’s Binance’s strategy for growing in this fragmented regulatory landscape?
“APAC, unlike most regions, is fragmented when it comes to approach. We don’t have the MiCA equivalent in APAC, and largely, countries, regulators, and consumers have their own tracks in terms of what’s important to them and what they consider relevant to their national interests.
My view is that the world is moving towards a hyper-localized model. So much of what we do to balance growth in this region is paying attention to local details. Every conversation, whether it’s with a government or regulator or consumer bodies, is distinct. And we try not to paint the entire region with a broad brush. Our growth ambitions here are very high for this part of the world, and our faith in this region is also very high.”
You worked as a former litigator, central banking lawyer at MAS, and gained experience at Crypto.com. How do you balance aggressive growth with regulatory compliance across APAC’s diverse markets?
“As a lawyer and as a former regulatory lawyer, I’m super focused on growing the business responsibly and in a manner that complies with laws and regulations in every market in which we are operational. That sounds like a very neat summary, but it’s something that colors my thinking a lot and my decision-making a lot. I’m conscious of the long-term interests of business and the risks that can arise if we take short-term positions that are inconsistent with that.
Having been involved in fintech in the last 7 years in this part of the world, the other thing that I keep in mind is basically that demographic patterns and consumption interests vary greatly across the region.”
How is Binance proactively preparing for this shift toward localization, and what role do you play in engaging with regulators?Sponsored
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“My view is that the world is moving towards a hyper-localized model. This is not going to be the case in every country. Some countries will choose to monitor the space and operate on a non-localized perspective. But more and more countries will participate in the trend of localization.
So as a consumer business that’s global in nature, we obviously need to cope, and we’re not sitting back and waiting for these changes to hit us. Our team is proactively exploring policy developments in a large number of countries where we currently operate. Additionally, we maintain proactive engagement with regulators across the spectrum. Through our thought leadership and global experience, we contribute what we can to governments and regulators on what we think will make most sense from a consumer protection point of view.”
Korea is a critical market for crypto. What regulatory approvals does Binance still need to fully deploy there through your Gopax partnership?
“Korea is another one of those markets that has very distinct preferences and consumer trends. For us to be fully deployed in Korea, as our CEO recently mentioned when he was in Korea, we need the relevant regulatory approvals. And it’s not just one; it’s a combination of approvals that needs to come through. And secondly, we need the relevant corporate actions because there has to be shareholder approval at the Gopax level for us to get fully integrated and involved with that entity.
That said, our commitment to Korea and to Gopax hasn’t changed. Korea is one of the most dynamic crypto markets in the world, and Gopax is an important partner for us here.”Sponsored
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China was where Binance started and remains one of the most important crypto markets globally, yet it has strict restrictions. How does Binance navigate geopolitical challenges while maintaining its growth ambitions in APAC?
“I think we all appreciate China’s position on crypto, and that’s something we continue to monitor. It’s not just us in that bucket. In terms of doing business in China, it’s an area that we need to monitor. Over time, governments and regulators sometimes take different policy decisions depending on the circumstances. In APAC, every country takes its own decisions when it comes to national interests. They’re not beholden to any regional concerns. So we will continue to monitor that space and see what possibilities emerge in the future.”
With USD-backed stablecoins expanding globally, how should emerging market countries with weaker currencies respond to this potential challenge to their monetary sovereignty?
“This is a consistent theme in a large part of the world, particularly in emerging markets. So this is where I think countries have to make a decision. If they take the path of issuing local stablecoins, they also have to ensure sufficient liquidity in that market to encourage adoption and continued use.
Otherwise, it’s going to be an expensive but ultimately ineffective project. They could also consider exploring the possibility of providing limited access or accessibility. When I say limited, I mean with controls in place to safeguard national interests. Finding the balance between consumer protection, monetary policy, and allowing innovation and convenience for users is always tough for regulators.”
Do you agree that USD-backed stablecoins could be a threat to those emerging market countries?Sponsored
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“I don’t have a personal view on this, to be honest. It’s not that I agree, it’s that I understand that governments have a tough balancing act, and you can see where they’re coming from. There are two sides to this coin, legitimately, I think.”
What core foundations are needed to bring the next billion users into crypto, and how do they differ from early adopters?
“The next one billion users are not going to be OG hodlers. The next one billion users will be your average people who’ve always had some involvement in financial services but haven’t really figured out how they want to fit crypto into that.
Regardless of what business model you adopt, the core foundation of what it takes to bring the next one billion users on board will not change. Security stands as the number one priority, which is top of mind for any user. Privacy represents another essential commitment, subject to applicable laws. Compliance and regulatory status also form a crucial foundation.
Finally, it will be a commitment or an engagement with users on education. Users want to understand: what does this product actually mean? What does it do? What are the risks? What are the pros? What are the cons? And how do I use this sensibly for my personal circumstances?”
Is CZ coming back to the company?
“As a shareholder, he continues to have shareholder rights. But as we all know, due to certain operations of law, he’s distanced himself from the company and I think that would continue to be the case.”
