Binance Prepares Changes to Work with Regulators Worldwide. In other words, Binance, the world’s largest crypto exchange, has stated that it is making adjustments to better collaborate with authorities. As a matter of fact, Changpeng Zhao, the firm’s CEO, indicated that the company is willing to make the necessary changes. In order to turn the exchange into a regulated financial institution in the future. This is Binance’s response to a slew of regulatory concerns it had with regulators throughout the world.
Binance Readies Regulator-Friendly Changes
Significantly, Binance, the world’s largest cryptocurrency exchange by trading volume, has stated that it is working on improvements that would better meet regulatory standards. Binance’s CEO, Changpeng Zhao, made the comments in an interview with the South China Morning Post published on September 16. In which he hinted at a change in how the company will handle regulatory issues. He said:
“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.”
This is a significant shift from Binance’s previous position. Which said that it was not headquartered anywhere in the globe since Bitcoin was not. This same strategy, on the other hand, has caused issues for Binance with authorities, who have complained about the absence of registration for operations in numerous countries.
Undoing the Damage
From the interview, it’s apparent that the exchange’s recent regulatory issues have fundamentally changed Zhao’s perspective on how things should be done for compliance.
He appeared to cast aside his past convictions, saying:
“We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”
This shift in emphasis toward compliance isn’t simply rhetoric. Binance has been actively recruiting human resources in order to improve its compliance. As well, tighten control over the money traded on its platform. Binance just announced the addition of Nils Andersen-Röed, a former Europol Dark Web expert, to its investigations and audits team.
Additionally, Binance had appointed Greg Monahan, a former US Treasury criminal investigator. As Binance’s Global Money Laundering Reporting Officer last month in order to enhance the exchange’s AML standards.