Binance, the world’s largest cryptocurrency exchange, states that it is working on improvements to meet regulatory standards better.
Binance Making Improvements
Binance’s CEO, Changpeng Zhao, made the comments in an interview with the South China Morning Post. He hinted at a change in how the company will handle regulatory issues. He stated:
“As we run a centralized exchange, we realize that we need to have a centralized entity to work well with regulators.”
Moreover, this is a significant shift from Binance’s previous position. Previously, they said that it was not headquartered anywhere globally since Bitcoin was not. However, this approach caused Binance difficulties with authorities, who complained about the absence of registration for operations in several countries.
Repairing the Harm
From the interview, it’s apparent that due to the exchange’s recent regulatory issues, there is a visible change in Zhao’s perspective. He appeared to cast aside his past convictions, saying:
“We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the most significant player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”
Moreover, this shift toward compliance isn’t simply a lipped service. Binance has been aggressively employing human resources to improve its compliance and tighter control over the monies traded on its platform. Additionally, Binance announced Nils Andersen-Röed, a former Europol Dark Web specialist, to its inspections and audits team just yesterday.
Additionally, Binance recruited, Greg Monahan, a former US Treasury criminal investigator, as Binance’s Global Money Laundering Reporting Officer last month to boost the exchange’s AML standards.