“Compliance is quite a journey,” says Binance’s CEO in response to new regulatory measures

In the middle of growing concern over Binance’s global regulatory issues, the CEO and founder of the company, Changpeng Zhao (CZ), emphasized the stock exchange’s obligation to cooperate with regulators.

In a statement on Tuesday, Zhao stressed that The cryptocurrency industry has come a long way in the last four years since Binance was launched, while There is still a lot of regulatory uncertainty surrounding cryptocurrencies.

In response to the growing “regulatory hyperfocus,” the CEO shared Binance’s key principles, including Your willingness to work with tax authorities to make a “positive contribution”.

“Compliance is quite a journey,” says Binance’s CEO in response to new regulatory measures
“Compliance is quite a journey,” says Binance’s CEO in response to new regulatory measures

Zhao said that the cryptocurrency industry There are still no clear regulatory frameworks in several countries, and pointed out “More regulation is indeed a positive sign that an industry is maturing.” The executive stated that the rules are clear create a basis for adoption as more people feel safe participating in cryptocurrencies, she adds:

“Compliance is quite a journey, especially in new sectors like cryptocurrencies. There is still great uncertainty in the industry. We also recognize that growth brings more complexity and more responsibility with it. “

Zhao reiterated Binance’s commitment to work with regulators and the company’s approach to managing the growing popularity of its platform, including actively hiring and implementing additional systems and processes to protect its users.

The CEO mentioned that Binance has increased its international compliance team and advisory board by 500% since 2020. including the appointment of key global regulators such as the Financial Action Task Force. Zhao pointed out Binance has actively implemented anti-money laundering guidelines on its platform. Working with crypto intelligence company CipherTrace to ensure that greater protection.

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

The statement came in the middle Binance is under rigorous scrutiny by regulators around the world, including authorities in the UK, Japan, Canada, the US, Thailand and the Cayman Islands. Growing concerns about Binance’s regulatory status have already sparked some ramifications for users, including an impending suspension of bank transfers to the platform and banks like Barclays, which are suspending payments to Binance.

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