Binance APAC head quits amid regulatory woes

Leon Foong, Asia-Pacific head at Binance, has left, a company spokesperson told The Block.

Foong led Binance’s expansion into markets like South Korea, Thailand and Japan. Bloomberg first reported the news, citing people familiar with the matter, saying Foong had resigned and was leaving.

It is unclear when Foong joined and left Binance. The Binance spokesperson declined to comment further. Foong doesn’t seem to be active on social media, and his LinkedIn profile also doesn’t seem available.

Foong’s resignation comes when Asia and the Middle East have become important growth markets for Binance after the company was recently hit with regulatory lawsuits and scrutiny in the United States and Europe. China, for instance, is still Binance’s biggest market, followed by South Korea, Turkey and Vietnam.

Declining market share for Binance

Binance’s market share has declined in recent months amid regulatory lawsuits, increased scrutiny, and a prevailing negative sentiment in the bearish crypto market. The crypto exchange had a 63% market share in spot crypto trading volumes in February, which has declined to around 45% this month, according to The Block’s Data Dashboard.

Nonetheless, Binance remains the largest spot crypto exchange in the world.

Earlier this month, Binance co-founder and CEO Changpeng “CZ” Zhao tweeted that the crypto exchange surpassed 150 million registered users. In February, Foong told Bloomberg that Binance is targeting 200 million APAC users and evaluating where to invest to improve customer experience and protection.

Foong is one of several senior executives who have recently left Binance. Others include chief strategy officer Patrick Hillman, general counsel Hon Ng and chief business officer Yibo Ling.