Crypto Exchange CEO To Double Compliance After International Review

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CEO of Cryptocurrency Exchange Platform, Binance Pledges to Partner with Global Regulators to Help Protect Users

The cryptocurrency exchange Binance plans to protect its users by expanding its international compliance team. CEO Changpeng Zhao wrote in a recent blog post (Wednesday, July 7): “More regulations are, in fact, positive signs that an industry is maturing, as it lays the foundation for a larger population that feels safe to participate in cryptography “.

Binance is one of the world’s largest crypto exchange platforms with reported growth of 101 million users, by the third quarter of 2020 [Binance Research]. Their research further revealed that 50% of their users viewed cryptocurrency as a source of income.

But the exchange has seen an influx of global reviews over the past year due to crypto-related criminal activity online.

Binance was banned from conducting “regulated activities” in June by the UK’s Financial Conduct Authority. Japan, Thailand and the Cayman Islands, where the company was incorporated in 2017, also followed.

The Cayman Islands said the exchange was not authorized to conduct crypto transactions in the country. Thai officials have also filed criminal complaints against the exchange.

The same is true for Germany and the United States, where in May Bloomberg reported that the exchange was currently under investigation.

With federal control of crypto on the rise globally, the CEO of Binance wants to be clear about the company’s stance on regulatory compliance.

The CEO said the company has increased its compliance team by 500% since last year and helped complete more than 5,000 investigations into cybercrime, money laundering schemes, terrorist financing and scams.

The CEO wrote; “We aim to continue our efforts by working collaboratively with regulators to address their concerns as the industry continues to grow.”

Safer

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