Binance CEO Changpeng Zhao reflects on crypto’s” harmony is a journey ” arrangement

Binance CEO Changpeng Zhao expressed his views on the recent regulatory measures facing Binance. In his blog, Zhao explains that Binance wants to follow local rules. However, he noted that cryptocurrency is an emerging industry, and there are many uncertainties in this area. Binance receives numerous warnings from governments around the world for not following certain rules.

Changpeng Zhao claims compliance with requirements is “travel” ”
Changpeng Zhao, Binance’s chief executive, recently made a statement about recent regulatory pressures on exchange-traded people. in the letter, published yesterday, Zhao describes how Binance is slowly adapting to rules around the world. But he admits Binance “didn’t do everything right.””Zhao also highlights:

Compliance is a journey, especially in new industries like crypto. There is still a lot of uncertainty in the industry. We also know that with growth comes more complexity.

Binance is facing opposition from local authorities for failing to comply with local rules. This is called localization and is one of the hardest jobs facing international companies because of the costs involved. Zhao explained:

We aim to follow the right local rules wherever we work. We have seen regulators show a more active interest in the sector as a whole as the sector becomes mainstream.

At the same time, Zhao called for clearer regulation. Increased regulation has been a positive development for the industry, but it should be easier to follow. This allows more people to trust the industry and bring more capital to the Sunday market.

Binance compliance plan
Binance has taken concrete steps to improve compliance, Zhao said. One is the implementation of traveler, a system for complying with travel rules proposed by the financial effectiveness Task Force. The system created by Ciphertrace, a Blockchain analytics company

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
  • Back to top