Binance The world's largest cryptocurrency exchange aims to secure five more operating licenses in Asia this year, bringing its total number of licensed jurisdictions globally to over 20, according to Nikkei Asia.
Currently in the Asia-Pacific (APAC) region, Binance has licenses and legal approvals in Australia, India, Indonesia, Japan, New Zealand, and Thailand. South Korea is expected to join this list soon after Binance completes its acquisition of the local exchange Gopax.
“We plan to add five more licenses in Asia this year,” SB Seker, Binance’s Asia Pacific Regional Director, said in an interview. Nikkei Asia in Tokyo.
SB Seker – Director of Binance Asia-Pacific (Photo: Nikkei Asia)While not disclosing specific target markets, he said some countries were "almost Shard ," while in others, Binance is in discussions with regulators regarding its business model and domestic requirements.
This license expansion comes as Binance pursues a “hyperlocalization” strategy, aiming to meet the specific security and compliance standards of each market, while also expanding its product ecosystem to attract users.
Binance currently has over 300 million registered users globally. By 2025, the exchange is projected to have recorded over $7.1 trillion in spot volume , according to data from... CoinGecko and Binance accounted for nearly 40% of the total volume of the top 10 largest centralized exchanges in the world last year.
Recent studies show that APAC is the fastest-growing region in terms of digital asset adoption. A CoinDesk report indicates that approximately 535 million adults in the region own or use crypto, accounting for 74.6% of the total global crypto user base.
"Legal clouds" and accusations from the US
However, Binance's journey in the region hasn't always been smooth. In 2021, the Singapore branch withdrew its application for a local license and ceased providing in-person retail services after authorities tightened their stance on crypto speculation.
Presently Binance continues to serve institutional clients in Singapore. and maintains several business functions, including global Derivative and OTC trading.
Despite maintaining its dominant position in the industry, Binance has faced numerous reputational challenges in recent years. The company was found to have violated US anti-money laundering laws and sanctions, resulting in a $4.3 billion fine – one of the largest corporate settlements in history. Founder Zhao Changpeng (CZ) stepped down as CEO in 2023 and served a four-month prison sentence.
Recently, Binance has come under renewed scrutiny after US media reported that approximately $1.7 billion worth of crypto allegedly flowed from accounts on the exchange to Iranian entities linked to terrorist organizations. Several US lawmakers have called on the Department of Justice and the Department of Treasury to investigate.
Binance denies any wrongdoing. Mr. Seker asserted that the allegations are "unsubstantiated" and stressed that the company applies strict KYC procedures.
