Binance eyes more Asia licences as crypto adoption grows, says co-CEO

Binance, the world’s largest cryptocurrency exchange, is expanding its regulatory footprint across Asia as it continues to grow its presence in emerging markets. Co-CEO Richard Teng revealed during an interview at the Reuters NEXT Asia leadership summit in Singapore that the company plans to secure additional licenses in the region this year. This follows recent expansions into countries such as Japan, India, and the Philippines, where Binance partnered with local fintech firm BlockShoals Technologies. Teng emphasized that the company is optimistic about the future of cryptocurrency in Asia, citing increasing adoption rates and rising interest in digital assets among consumers and businesses alike. The push for more regulatory approvals comes amid a broader strategy to solidify Binance’s position in Asian markets. In addition to securing new licenses, the exchange aims to forge strategic partnerships that align with regional regulatory frameworks. These efforts reflect a larger trend of cryptocurrency platforms seeking legitimacy and trust through compliance with national regulations. Teng noted that while the company has already made significant strides in several Asian countries, there are still opportunities to expand further, particularly in jurisdictions where the regulatory environment is evolving. Despite these positive developments in Asia, Binance faced challenges in Europe earlier this year. The company had submitted an application for a Markets in Crypto-Assets Regulation (MiCA) license in Greece but ultimately decided to withdraw it due to delays in the approval process. Teng clarified that this decision did not signal a change in Binance’s commitment to operating within the European Union. Instead, he described the situation as a result of timing constraints, emphasizing that the company remained engaged with European regulators and supported the goals of MiCA. He expressed disappointment over the delay but reiterated Binance’s dedication to meeting regulatory requirements wherever it operates. To address concerns around compliance and user safety, Binance has significantly ramped up its investment in governance and risk management. According to Teng, approximately one-quarter of the company’s global workforce is now focused on compliance-related tasks. Additionally, the exchange spends over $300 million annually on compliance costs to ensure adherence to international standards. Measures such as publishing proof of reserves and maintaining a Secure Asset Fund for Users (SAFU) are part of Binance’s broader effort to provide transparency and enhance user confidence. These initiatives go beyond what many regulators currently mandate, according to Teng, who stressed the importance of protecting customers against potential risks. Reflecting on the evolution of the cryptocurrency industry since Binance’s founding in 2017, Teng acknowledged that the sector has undergone substantial growth and transformation. Initially, only around six million people globally had access to cryptocurrencies, but today that number has surged to nearly 740 million, with roughly half of them using Binance’s platform. Teng pointed out that the early days of the industry lacked clear regulatory guidelines, making it difficult for companies to navigate legal landscapes. However, he noted that over the past few years, regulatory frameworks have matured, creating a more structured environment for both investors and operators. Looking ahead, Teng sees blockchain technology playing a pivotal role in shaping the future of financial services. He believes that widespread adoption of blockchain solutions will depend on clearer regulatory guidance and greater involvement from traditional financial institutions. As the industry continues to evolve, Binance remains focused on adapting to changing conditions while reinforcing its commitment to compliance and innovation. With ongoing efforts in Asia and continued engagement in Europe, the exchange appears poised to maintain its leadership in the global cryptocurrency market.