• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Binance CEO Changpeng Zhao States "Compliance Is A Journey"
Nexo Logo

Binance CEO Changpeng Zhao States “Compliance Is A Journey”

Asad Gillani by Asad Gillani
11 months ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

There has been a lot of developments in the crypto space since its inception. But it seems that the regulatory authorities are waking up to strengthen the system.

Amid such concerns, Binance CEO, Changpeng Zhao, opines that the crypto industry might grow and develop, but the regulatory framework is not defined.

According to him, Binance is not anti-regulation. But instead, the exchange is willing and ready to cooperate with the regulators.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Allied Payment Partners NYDIG, Adds Bitcoin To Corporate Treasury

Changpeng Zhao made this statement in a Tuesday open letter where he also mentioned that the industry had grown a lot since the launch of Binance in 2017.

Therefore, all the regulatory issues surrounding crypto haven’t deterred the players in the industry from pushing forward with growth and expansion.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Is Binance Regulatory Compliant?

There has been a lot of regulatory issues around the four-year-old crypto exchange Binance. Many countries had halted their operations due to non-compliance with financial laws.

While addressing this situation in the open letter, Zhao mentioned that the team is willing and eager to collaborate with regulatory authorities.

According to the CEO, Binance aims at becoming a positive contributor, and compliance with laws is the best way to do it.

But given what is happening in the crypto industry, the Binance CEO also mentioned that there is no clear regulatory framework for crypto in many countries.

But even at that, he opines that the more the push for regulations increases, the easier it will be for the crypto industry to emerge solidly.

The regulations mean more maturity, and with that, there will be more trust, participation, adoption, and expansion.

Related Reading | TA: Ethereum Gearing For Another Lift-Off, Why Rally Isn’t Over Yet

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.

Related Reading | TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally

However, he also mentioned that the company would welcome any constructive guidance that comes its way. Though, the exchange can also grow better.

 Binance CEO Changpeng Zhao States "Compliance Is A Journey"

Despite all the regulatory concerns the Binance Coin hovering in the green zone | Source: BNBUSD on TradingView.com

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
Tags: Binancechangpeng zhaociphertraceregulationsscrutiny
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Asad Gillani

Asad Gillani

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

Related Posts

Ethereum

Ethereum Could Tank Further; Here’s What The Charts Say

3 hours ago
MicroStrategy

MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals

5 hours ago
Bitcoin

Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

9 hours ago
Bitcoin

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

11 hours ago
Tether

Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022

14 hours ago
How Blockchain is Finally Getting Africa on the Grid

How Blockchain is Finally Getting Africa on the Grid

16 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

Award-winning Crypto Game, Stonk League Introduces GameFi Player Rankings

May 20, 2022

You Play You Earn: How Gaming Finance (GameFi) Can Disrupt the Cryptocurrency Market?

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.