When people discover that there are regulatory guidelines for crypto operations, their trust will increase, thereby driving more adoption. As for compliance, the CEO stated that it is a journey for new emerging industries such as cryptocurrency.
He, however, mentioned that as the industry grows, the players should expect more responsibilities and complexities, which the growth brings.
Binance Ready For Partnering With Regulators
In his Tuesday’s open letter, too, CEO Zhao wrote that Binance is committed to partner with regulators. He also mentioned that the company is set to hire and place more processes and systems to safeguard users’ interests, given the increasing growth of the platform.
Zhao also wrote that the company has been adding to its “international compliance team & Advisory Board’ since last year. Now, they have grown by 500% with the addition of global regulators such as the “Financial Action Task Force.”
The CEO also mentioned that Binance hasn’t lagged in carrying out the “Anti-Money Laundering” requirements for users of its platform. Also, the company has been working with CipherTrace, a crypto-intelligence company, to protect the platform.
Also, Zhao mentioned their commitment to ensuring an increase in financial freedom and inclusion to improve society.
The open letter seems to have come at the appropriate time given the scrutiny on Binance. Many regulators from different countries, including the United States, Japan, United Kingdom, Canada, etc., have started monitoring its operations.
There have also been some unsavory consequences for users as even banks are planning to suspend bank transfers to Binance’s platform.
Featured image from Global Crypto, chart from TradingView.com