Binance has hired former HSBC South Africa global banking head Hannes Wessels to lead its South African operations.
Wessels has been at HSBC for 22 years, serving in senior executive positions since 2010.
Binance is the world’s biggest cryptocurrency exchange by trading volume.
It said Wessels would lead the development of business strategies and drive strategic initiatives for Binance in South Africa.
Citing a Finder survey conducted with Google, Binance said cryptocurrencies and the blockchain industry generally have less than a 10% adoption rate in South Africa.
“I am excited to join Binance at a time when crypto adoption is still in its infancy in South Africa and look forward to playing a leading role in Binance’s growth strategy in South Africa,” said Wessels.
Before joining Binance, Wessels led HSBC’s corporate and investment banking business in South Africa.
This included the payments and cash management business, which was awarded Euromoney’s leading payments business in South Africa in 2021.
He was a member of the bank’s executive committee in South Africa and was chairman of the bank’s employment equity committee.