“Compliance is a journey,” Binance CEO said in a regulatory review

At a time when concerns about the regulation of the currency security ball have intensified, the company’s CEO and founder Zhao Changpeng Emphasizes the exchange’s commitment to cooperate with regulatory agencies.

In an open letter on Tuesday, Zhao Emphasize Since the launch of Binance, the cryptocurrency industry has undergone tremendous development in the past four years, and there are still many regulatory uncertainties in cryptocurrency.

In response to the growing regulatory “excessive attention”, the CEO shared Binance’s key principles, including a willingness to work with financial authorities to become an “active contributor”.

Zhao said that the crypto industry still lacks a clear regulatory framework in some countries, and pointed out that “more regulation is actually a positive sign that an industry is maturing.” Participating in encryption feels safe and clear regulations provide the basis for adoption, adding:

“Compliance is a journey-especially in new areas such as encryption. There is still a lot of uncertainty in the industry. We also recognize that with growth comes more complexity and more responsibilities.”

Zhao reiterated Binance’s commitment to working with regulators and the company’s approach to dealing with the growing popularity of its platform, including actively recruiting and setting up more systems and processes to protect its users.

The CEO mentioned that since 2020, Binance’s international compliance team and advisory board have expanded by 500%, including the appointment of major global regulatory agencies such as the Financial Action Task Force. Zhao pointed out that Binance has been actively implementing anti-money laundering policies on its platform. Cooperation with CipherTrace, a cryptographic intelligence company To ensure further protection.

“We are learning and improving every day,” Zhao wrote, and outlined Binance’s ultimate goal, which is to increase freedom and inclusiveness for a “better human society.” “We firmly believe that our industry will benefit society by creating inclusive financial opportunities,” the CEO concluded. Zhao said the company welcomes “more constructive guidance” to help the exchange develop better.

related: Binance is disappointed with Barclays Bank’s “unilateral action” to prevent customers from paying

News comes Binance faces strict scrutiny Regulators from all over the world, including authorities in the United Kingdom, Japan, Canada, the United States, Thailand, and the Cayman Islands.Increasing concerns about the regulatory status of Binance have had some consequences for users, including Bank transfer will be suspended soon To platforms and banks, etc. Barclays stops payments to Binance.