Binance's Asia-Pacific Head Departs Amidst Market Share Decline and Regulatory Pressures
According to Bloomberg's sources, Leon Foong, who served as the head of Binance Asia-Pacific, is leaving his position at the world's largest cryptocurrency exchange.
Foong was crucial in Binance's growth in South Korea, Thailand, and Japan. While an official announcement is pending, insiders have signaled his imminent departure.
Amid regulatory lawsuits and scrutiny in the United States and Europe, Binance has seen significant growth in Asia and the Middle East, making these regions key markets.
Foong's resignation coincides with this shift. Notably, China remains Binance's primary market, trailed by South Korea, Turkey, and Vietnam.
Following regulatory crackdowns in various countries due to alleged violations, Binance has witnessed key senior figures leaving the company.
Hillmann, Binance's Chief Strategy Officer, confirmed his departure in July 2023. Reports suggested he and two other executives left due to concerns about the CEO's handling of US DOJ investigations.
However, Hillmann clarified on social media that he's stepping aside due to the imminent birth of his second child. He expressed respect for CEO Changpeng Zhao and his leadership.
Departing with Hillmann were General Counsel Hon Ng and SVP for Compliance Steven Christie.
Notably, Kelvin Foong's resignation is part of this trend, but his tenure at Binance still needs to be determined.
No information is available about his entry and exit dates from the company.
Despite attempts for more insight, the Binance spokesperson chose not to elaborate further. Foong's presence on social media is minimal, and his LinkedIn profile is also inaccessible.
Binance's operations in the US and Europe have been impacted by regulatory actions, prompting the exchange to focus on growth in
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