Bitcoin News and Finance
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company Skip to main content

Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company

Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company

Global cryptocurrency exchange Binance has made regulatory compliance its top priority. The exchange is on a hiring spree to “significantly” add to its compliance and legal teams. “We are going through a pivot from a technology innovator into a financial services company, so we need to be fully compliant,” said the CEO of Binance.

Binance’s Regulatory Compliance Plans

Binance is focusing on regulatory compliance as the exchange pivots from a technology startup into a financial services company, CEO Changpeng Zhao (CZ) explained in an interview with Bloomberg TV Tuesday.

Commenting on crypto regulatory efforts in the U.S., he said: “The U.S. is very mature on the crypto regulation part. They are leading now. They have a cryptocurrency exchange listed on Nasdaq which is very positive.” The executive continued:

When the new crypto regulations come in, many of them will be somewhat restrictive. That’s kind of expected. But over time, we do think that regulations will adjust with market demand, and hopefully will get better.

“I believe, right now, all the regulators around the world view crypto as financial instruments one way or another,” he further opined.

The CEO said that he spends almost all of his time, which is “probably 80% or more,” on compliance, noting that he is “not really involved in the day-to-day operations of the exchange.”

Zhao explained:

We are going through a pivot from a technology innovator into a financial services company, so we need to be fully compliant.

He named some priorities Binance is focusing on in order to become compliant. “We have to hire a lot more people,” he began. “We need to hire people with regulatory compliance experience and very senior people that can bring teams in. We need to significantly … increase the size of our compliance, legal teams.”

Binance announced Wednesday that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, who joins the organization as a Global Money Laundering Reporting Officer (GMLRO).

Earlier this month, former acting Comptroller of the Currency, Brian Brooks, stepped down as the CEO of Binance US due to “differences over strategic direction.”

Zhao also explained that Binance needs to ditch its decentralized vision. “We were shooting for the decentralized organizational structure which does not work with regulators … Now, we are establishing headquarters, proper structures, proper governance, proper audits, etc.”

Furthermore, the CEO said: “We need to make sure that all of our products are fully compliant … This is why we’ve been limiting our futures, derivatives products in most of Europe and some parts of Asia as well.”

Next, he said Binance needs “to apply for licenses,” emphasizing that it is “very important” for the company “to communicate with the regulators” and “request regular meetings where we proactively update them on what we do.”

A number of regulators worldwide recently issued warnings about Binance. They include regulators in the U.K., Japan, Malaysia, Thailand, Germany, Cayman Islands, Lithuania, and Hong Kong.

What do you think about Binance’s compliance plans? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory