Crypto Exchange Binance Loses Another Executive Amid Legal Trouble

  • Binance’s Head of Asia-Pacific, Leon Foong, has reportedly resigned from the crypto exchange.
  • Foong led the crypto giant’s expansion in the Asia Pacific region, including Thailand and Japan.
  • Binance previously lost top executives including its Chief Strategy Officer and General Counsel.

The world’s largest crypto exchange has lost a fourth executive in less than two months. Leon Foong, Binance’s Head of Asia Pacific Market, has reportedly resigned from the crypto exchange amid mounting legal and regulatory trouble for the company. Foong’s departure comes just weeks after the crypto giant lost three other executives.

Citing people familiar with the matter, Bloomberg reported earlier today that Leon Foong had resigned from Binance. The reason for his departure remains unclear as it is yet to be publicly announced by the crypto exchange. A spokesperson for Binance had no comment on the report, while Foong didn’t respond to Bloomberg’s request for comment.

Foong was responsible for Binance’s operations in the Asia Pacific region. He reportedly led the crypto exchange’s expansion into key Asian markets including Thailand, Japan, and South Korea. The departure of the Asia Pacific head came as a surprise, given that the regulatory landscape of the region is much more friendlier than that in the United States and other key regions like the United Kingdom and Australia.

As a matter of fact, Binance re-entered the Japanese crypto market earlier this month after previously acquiring the locally registered SAKURA Exchange BitCoin, Inc. In May 2023, Binance entered a joint venture with Gulf, which allowed it to secure a digital asset operator license in Thailand. Similarly, Binance re-entered the South Korean market in February after acquiring a majority stake in the South Korean crypto exchange GOPAX.

In early July, Binance’s Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, and General Counsel Han Ng left the exchange. Initial reports claimed that the executives blamed their departure on CEO Changpeng Zhao’s handling of the investigation by the US Department of Justice.

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