August 19, 2021 08:36 UTC
August 19, 2021 08:36 UTC
Binance, a global cryptocurrency exchange, has made compliance its top priority. The exchange is hiring aggressively to “significantly” expand its compliance and legal team. “We are looking for a pivot from technology founders to currency service companies, so we want absolute compliance,” said Binance’s business director.
Binance’s regulatory compliance program
Business Director Changpeng Zhao (CZ) explained in an interview with Bloomberg TV that Binance is focused on regulatory compliance as the exchange has transformed from a technology startup to a money services company.
Commenting on the domestic crypto regulation efforts in the United States, he said: “The United States is very mature in terms of crypto regulation. They are currently leading. They need a very active cryptocurrency exchange listed on NASDAQ.” The manager continued:
“When new encryption rules become available, some of these rules are somewhat restrictive. This is very exciting. However, over time, we tend to assume that the rules can be adjusted according to market demand and hopefully get better.”
“I believe that all regulators now treat potential cryptocurrencies as monetary tools, technologies, or other things,” he said even more.
The business executive mentioned that he spends most of his time (“probably one-eighth or a lot”) on compliance, noting that he “is not very concerned about the normal operation of the exchange.”
“We are looking for a pivot from technology founders to financial services companies, so we want absolute compliance.”
He listed some of the priorities Binance specializes in for compliance. “We need to rent a lot of things from a lot of people,” he began. “We should hire personnel with regulatory compliance expertise and truly senior personnel to bring in the team. We hope to greatly… increase the size of our compliance and legal team.”
Binance announced on Wednesday that it has hired former US Treasury Department criminal investigator Greg Monahan (Greg Monahan) to join the organization as the Global Money Laundering Officer (GMLRO).
Earlier this month, Brian Brooks, the former acting auditor of currency, resigned due to “different strategic directions” because of Binance’s head of operations in the United States.
Zhao Lianlian explained that Binance must abandon its localization vision. “We are looking for a localized structure that does not cooperate with regulators… Currently, we tend to establish a headquarters, the correct structure, the correct governance, the correct audit, etc.”
In addition, the business executive said: “We should confirm that each of our products is absolutely compliant…This is why we have been restricting futures and derivatives in most parts of Europe and parts of Asia.”
Next, the aforementioned Binance must “apply for a license”, emphasizing that the company “communicates with regulators” and “requires regular meetings. As long as we have a tendency, we can take the initiative to update our tendency to them”, which is “very Important” to do it. “
Many regulators around the world have recently issued warnings about Binance. They accept the regulatory agencies of the United Kingdom, Japan, Malaysia, Thailand, Germany, the Cayman Islands, Lithuania and metropolitan cities.