Binance's Head Of APAC Leon Foong Resigns Amid Regulatory Scrutiny

Leon Foong, head of Binance Asia-Pacific, has resigned his position at the cryptocurrency exchange.

This latest blow means that Foong, who was crucial in Binance’s growth in the APAC region, is no longer part of the team as well. Under his tenure, Foong expanded Binance’s presence in South Korea, Thailand, and Japan.

While Foong has confirmed his departure, he has not stated the reason for his exit.

This marks the latest in a line of high profile resignations at Binance. Thus far, Binance has lost its General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, and SVP for compliance Steven Christie.

These resignations come amid Binance’s recent straining of relationships with regulators, including the US Securities and Exchange Commission, which has sued the exchange for offering unregistered securities. French authorities are also investigating if Binance has provided services illegally or participated in money laundering.

Binance has also been targeted by regulators in Australia, the Netherlands, and Canada for failing to register with regional financial authorities.

There has also been speculation that this trend of top executives resigning from Binance was triggered by Binance’s handling of regulatory scrutiny, though Hillman has since clarified that he was leaving Binance “on good terms”, and that his departure was due to his wife giving birth to their second child.

Prior to his resignation, Foong had commented on the state of regulatory compliance at Binance, saying that a full audit of the crypto exchange was still far off.