{"id":292730,"date":"2021-07-07T11:37:49","date_gmt":"2021-07-07T08:37:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/compliance-is-a-journey-says-binance-ceo-amid-regulatory-scrutiny\/"},"modified":"2021-07-07T11:37:49","modified_gmt":"2021-07-07T08:37:49","slug":"compliance-is-a-journey-says-binance-ceo-amid-regulatory-scrutiny","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/compliance-is-a-journey-says-binance-ceo-amid-regulatory-scrutiny\/","title":{"rendered":"# \u2018Compliance is a journey,\u2019 says Binance CEO amid regulatory scrutiny"},"content":{"rendered":"

“# \u2018Compliance is a journey,\u2019 says Binance CEO amid regulatory scrutiny <\/strong>”
\n<\/p>\n

Amid intensifying concerns over Binance\u2019s global regulatory issues, the company\u2019s CEO and founder Changpeng Zhao has underscored the exchange’s commitment to cooperating with regulators.<\/p>\n

In an open letter on Tuesday, Zhao emphasized<\/a> that the cryptocurrency industry has massively evolved over the past four years since Binance\u2019s launch, while there is still a lot of regulatory uncertainty around crypto.<\/p>\n

In response to the growing regulatory \u201chyper-focus,\u201d the CEO shared Binance\u2019s key principles including its willingness to work with financial authorities in order to be a \u201cpositive contributor.\u201d<\/p>\n

Zhao said that the crypto industry still lacks clear regulatory frameworks in several countries, noting that \u201cmore regulations are, in fact, positive signs that an industry is maturing.\u201d The executive elaborated that clear regulations provide a foundation for adoption as more people feel safe to participate in crypto, adding:<\/p>\n

\u201cCompliance is a journey \u2014 especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility.\u201d<\/p><\/blockquote>\n

Zhao reiterated Binance\u2019s commitment to partnering with regulators and the company\u2019s app<\/a>roach to handling the growing popularity of its platform, including active hiring and placing more systems and processes to protect their users.<\/p>\n

The CEO mentioned that Binance has grown its international compliance team and advisory board by 500% since 2020, including appointments from major global regulators like the Financial Action Task Force. Zhao noted that Binance has been actively implementing Anti-Money Laundering policies on its platform, cooperating with crypto intelligence firm CipherTrace to ensure further protection.<\/p>\n

\u201cWe are learning and improving every day,\u201d Zhao wrote, outlining Binance\u2019s ultimate goal as increasing freedom and inclusion for a \u201cbetter human society.\u201d \u201cWe firmly believe that our industry will benefit society through the creation of inclusive financial opportunities,\u201d the CEO concluded. Zhao said that the company welcomes \u201cmore constructive guidance\u201d to help the exchange grow better.<\/p>\n

Related: <\/em><\/strong>Binance disappointed by Barclays\u2019 \u2018unilateral action\u2019 to block customer payments<\/em><\/strong><\/p>\n

The news<\/a> comes as Binance faces major scrutiny\u00a0from regulators around the world, including authorities in the United Kingdom, Japan, Canada, the United States, Thailand and the Cayman Islands. Growing concerns over Binance\u2019s regulatory status have already triggered some consequences for users, including an upcoming suspension of bank transfers to the platform and banks like Barclays stopping payments to Binance.<\/p>\n