Binance CEO calls for “open regulation” amid mounting pressure

Faced with mounting pressure from regulators around the world, Binance CEO Changpeng “CZ” Zhao wrote an open letter claiming that “clear rules are critical” for the crypto industry to grow further. He also ordered Binance to conduct operations “in accordance with local regulations.” 

“I believe that well-designed legislation and regulations will in the long run be a solid foundation that will make cryptography really important in everyone’s daily life.”

Read the @ Cz_binance letter to the community as # BinanceTurns4 https://t.co/jtPhs8ymei

– Binance (@binance) July 7, 2021

His comments come at a time when Binance is facing growing interest from regulators around the world, from the UK to Japan and from Thailand to the Cayman Islands. 

CZ’s call for regulation
The wider spread of cryptocurrencies around the world has led to the need for “clearer regulation in different countries,” CZ said. 

According to his latest blog post, he doesn’t think it’s bad. “Increased regulation is a positive sign that the industry is evolving as it provides the basis for wider populations to feel safe when engaging in cryptography.” 

Binance Is Not Entitled To Work In The Cayman Islands
CZ also spent time building the Binance compliance team. Former Executive Secretary Fatf Rick Mcdonell and former head of the Canadian delegation FATF Josie required. Earlier today, Binance also announced the appointment of new compliance director Jonathan Farnell, who previously worked for eToro.

“(CZ) said, “compliance is a journey and Binance aims to ensure that its operations are localized in accordance with local rules and regulations, and Binance”aims to comply with the relevant local regulations in which we do business.” 

Binance’s ongoing dispute with international regulators
A number of regulatory agencies have issued warnings to consumers about binance. 

On Friday last week, the Cayman Islands Monetary Authority (CIMA) announced that Binance would,

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