Binance CEO says: “Compliance is a journey

Amid growing concerns over Binance’s global regulatory issues, the company’s CEO and founder, Changpeng Zhao, has emphasized the exchange’s commitment to working with regulators.

In an open letter on Tuesday, Zhao stressed that the crypto industry has grown massively in the last four years since Binance was launched, while there is still a lot of regulatory uncertainty surrounding electronic money.

In response to increasingly “centralized” regulation, the CEO shared Binance’s key principles, including a willingness to work with tax authorities to become an “active contributor”.

Zhao said the crypto industry still lacks clear regulatory frameworks in some countries, noting that “more regulation is actually a positive sign that an industry is growing.” The CEO stated that clear regulations form a basis for adoption as more and more people feel secure engaging with crypto, adding:

“Compliance is a journey – especially in new areas like crypto. This industry still has a lot of uncertainties. We recognize this with increasing complexity and more responsibility. “

Zhao reiterated Binance’s commitment to working with regulators and the company’s approach to managing the growing popularity of its platform, including active hiring and overbooking systems and processes to keep its users safe.

The CEO mentioned that Binance has expanded its international compliance team and advisory board by 500% since 2020, including the appointment of major global regulators such as the Financial Action Task Force. Zhao noted that Binance has actively implemented anti-money laundering policies on its platform and has partnered with crypto-intelligence company CipherTrace to provide further protection.

“We learn and improve every day,” Zhao wrote, outlining Binance’s ultimate goal of increasing freedom and inclusion for a “better human society”. The CEO concluded, “We firmly believe that our industry will benefit society by creating opportunities for financial inclusion. Zhao said the company welcomes “more constructive guidance” to help the exchanges grow better.

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The news comes as Binance is under scrutiny by regulators around the world, including authorities in the UK, Japan, Canada, the United States, Thailand and the UK. Growing concerns about Binance’s regulatory status had a number of ramifications for users, including the impending suspension of bank transfers to the platform and banks like Barclays, which are suspending payments to Binance.